Nokian Renkaat Oyj : Q3 well below expectations, FY outlook sharply cut
>Q3 well below expectations (-36% on the EBIT line), hit by volumes - Nokian Tyres released preliminary Q3 2023 earnings yesterday evening and they came out far lower than expected (-30% on sales and -36% on adjusted EBIT), mostly because of weaker volumes as already mentioned by most of the group’s peers (destocking effect) but particularly pronounced in the case of Nokian Tyres as the most sluggish momentum applies to the winter tyres segment which remains its core ...Nokian Tyres is a tyre manufacturer. Co. mainly sells its products in the aftermarket. Co. and its subsidiaries include the Vianor tyre retail chain, which provides wholesale and retail services in Co.'s primary markets. The core business units in Co. and its subsidiaries are Passenger Car Tyres, which develops, manufactures, and markets summer and winter tyres for passenger cars and delivery trucks as well as SUVs; Heavy Tyres, which focuses on special tyres; as well as Vianor, which provides tyres for all vehicles: passenger cars, vans, trucks, and heavy machinery. In addition to Nokian-branded tyres, the Vianor tyre retail chain sells other tyre brands and a variety of motoring products.
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