Nokian reports good Q1 figures

Helsinki, Finland - Nokian Tyres has reported better-than-expected results for the three months ended 31 March, 2007. Preliminary figures show that the first quarter net sales will be approximately €200 million, compared with €149.4 million for the first quarter of 2006. Operating profit is estimated to total €39 million, up from €13.4 million a year earlier. All profit centres improved their net sales and operating profits compared to the previous year, said the company.

Nokian said the main reasons for the better-than-expected results are the strong sales growth continuing in Russia as well as stronger than expected summer tyre sales. Winter tyre pre-sales exceeded previous year and the newly launched Nokian Hakka summer tyre family boosted summer tyre sales.

Sales growth was exceptionally high during the first quarter. The company expects growth to continue during the year, however not at the same pace as during Q1. Nokian Tyres said it has not not change its targets for 2007. The estimated full year net sales are €900 million to €1000 million, but this is is dependent on the success of the winter tyre sales on its main markets, said the company in a statement.

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Press release from Nokian