Nokian Tyres: Healthy YTD sales

Nokian Tyres has regained its operational strength. The Finnish manufacturer shares that its sales rose by more than a third in the first nine months of this year, while operating profit more than quadrupled over the same period, nudging the margin up to 17.9 per cent.

When looking at the Passenger Car Tyres business unit on its own, the extent of this operating strength becomes even clearer: Nokian tyres achieved a segment operating of 25.8 per cent for each passenger car tyre sold during the first nine months of the year.

With sales amounting to 443.5 million euros, Nokian Tyres was even able to set a new quarterly record in Q3 2021, aided by an early timing of deliveries for the current season.

“As anticipated, increased raw material and logistics costs, including the shortage of container capacity, were visible in the third quarter,” comments Jukka Moisio, president and chief executive officer of Nokian Tyres. “We have taken mitigating actions, including price increases, to reduce the impact of cost inflation. These actions led to a higher average sales price in the third quarter. We have announced further prices increases in a wide range of markets and products, and we will continue to carefully control costs, as cost inflation is expected to continue.”

Nokian Tyres’ guidance for the full year is for significant growth in net sales and segments operating profit. It anticipates that global demand for cars and tyres will pick up, but the Covid-19 pandemic continues to cause uncertainties.

Further information about Nokian Tyres’ Q3 2021 results here