Nokian scales back sales, earnings forecast

ERJ staff report (TB)

Tire Business staff report©

Nokia, Finland — Nokian Tyres PLC is cautioning shareholders it probably won’t meet its sales and earnings targets for fiscal 2008 because of weaker-than-expected fourth quarter sales.

Demand for tyres has fallen in all of Nokian Tyres’ core markets due to lower new car sales, a late start of the car winter tyre season and the global financial crisis, the company said.

The outlook for 2009 also has weakened, and Nokian said it is taking measures to adjust inventory and production…

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