Nokian Tyres plc lowers its guidance for 2019
Nokian Tyres plc Insider information June 14, 2019, 1:55 p.m.
Due to the weakened car demand and continuously soft car tire market especially in Central Europe, Nokian Tyres plc lowers its earlier guidance for the full year 2019. The company expects short-term weakness in sales volume growth in Central Europe to continue during the remainder of the year.
Updated guidance for 2019:
In 2019, net sales with comparable currencies are expected to be slightly higher and operating profit to be lower compared to 2018. In line with Nokian Tyres’ updated 2018 strategy, the company is targeting further growth in Russia, Central Europe, and North America. As a result of ongoing investment programs to support the growth, operating profit in 2019 will include significant additional operating costs.
Earlier guidance from May 8, 2019:
In 2019, net sales with comparable currencies are expected to grow and operating profit to be approximately at the level of 2018. In line with Nokian Tyres’ updated 2018 strategy, the company is targeting further growth in Russia, Central Europe, and North America. As a result of ongoing investment programs to support the growth, operating profit in 2019 will include significant additional operating costs.
Nokian Tyres plc
Päivi Antola
SVP, Communications and IR
Further information:
Teemu Kangas-Kärki, CFO, tel: +358 10 401 7750
Päivi Antola, SVP, Communications and IR, tel: +358 10 401 7327
Distribution: Nasdaq Helsinki, media and www.nokiantyres.com
Nokian Tyres develops and manufactures premium tires for people who value safety and sustainability. Inspired by our Scandinavian heritage, we craft innovative products for passenger cars, trucks and heavy machinery that give you peace of mind in all driving conditions. Our Vianor chain provides tire and car services. In 2018, the company’s net sales were EUR 1.6 billion and it employed some 4,800 people. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com