Nokian Tyres raises 2022 net sales guidance

Although the war in Ukraine and subsequent sanctions continue to “cause significant uncertainty” for Nokian Tyres’ operating environment, especially in regards to its business in Russia, on Friday the company reported that demand for its tyres has nonetheless remained good. For this reason, and after successfully implementing price increases to mitigate the impact of inflation, Nokian Tyres has raised its net sales guidance for 2022.

Upon publishing this revised net sales guidance, the tyre maker cautions that its tyre supply will be “severely limited” by sanctions in the second half of the year, with a resulting negative impact upon segments operating profit. Nokian adds that “significant uncertainties remain in the outlook for 2022.”

Nokian Tyres’ updated guidance for 2022 is as follows:

The war in Ukraine and resulting sanctions cause significant uncertainty to Nokian Tyres’ operating environment. In 2022, Nokian Tyres’ net sales is expected to decrease or to be at previous year’s level, and segments operating profit is expected to decrease significantly compared to 2021.

Prior guidance, as given on 27 April 2022:

The war in Ukraine and resulting sanctions cause significant uncertainty to Nokian Tyres’ operating environment. Nokian Tyres’ net sales and segments operating profit in 2022 are expected to decrease significantly compared to 2021.