Nokian Tyres net sales down over 30%

Nokian Tyres has reported second quarter 2020 net sales of 270.7 million euros. In the comparative period 2019, this figure was 415.7 million euros. Therefore, the Finnish company’s second quarter net sales were 30 per cent lower than this time last year.

The operating result is estimated at minus 22.8 million euros. In the first half of 2020, net sales were only 550.5 million euros, compared to 756.1 million euros in the same period in 2019. Here, too, the corona pandemic was cited as the reason for the decline. The tyre manufacturer also lists the mild winters in the main markets as an additional reason for the decline in sales.

In the field of car tyres, sales of 163.9 euros were reported in the second quarter, compared to 296.8 million euros in the same period of 2019. Thus, the company reported a fall of over 40 per cent here. In the first half of the year, the operating profit decreased from 150.7 million euros in 2019 to 39.5 million euros in 2020.

In the Heavy Tyres division, sales fell from 47.8 million euros to 40.5 million euros in the second quarter of 2020. In the first half of the year, sales fell from 96.1 million euros in 2019 to 91.6 million euros. The operating profit in the Heavy Tyres division was 2.6 million euros in the second quarter, compared to 8.3 million euros in the same period in 2010. Looking at the first half of the year, the operating profit decreased from 17.3 to 10.8 million euros.

Explaining that the pressures on Nokian were more than just coronavirus, Jukka Moisio, president and CEO of Nokian Tyres, commented: “… passenger car tyres sales were negatively impacted by the measures taken in Russia to reduce high carry-over stocks in the distribution channel, as announced early 2020”, adding: “Vianor’s performance was excellent in the difficult circumstances.

Nokian 1Q 2020 figures, millions of euros

Source: Nokian Tyres