Nokian Tyres increases sales

In July-September 2024, Nokian Tyres' net sales were EUR 313.6 million, up 13.6% from the third quarter of the previous year. Operating profit was EUR 4.1 million (EUR 8.3 million a year earlier), and net loss per share was EUR 0.03.

For the first nine months, sales grew by 8.6% to EUR 874.8 million, while the operating loss increased from EUR 1 million to EUR 13.6 million, and the loss per share decreased from EUR 2.55 to EUR 0.21. The company did not change its forecast for the full year and still expects "significant growth" in revenue and operating profit at unchanged currency rates.

"In July-September 2024, we significantly increased our net sales and market share, and this confirms that customers continue to choose Nokian Tyres products, as we have now improved the availability of passenger car tires in both Central Europe and North America," said Jukka Moisio, President and CEO of Nokian. "Operating profit increased due to the growth in sales volumes and the decrease in raw material costs, but demand for cars and tires remains low, and economic uncertainty makes it difficult to forecast the market and consumer behavior."

In September 2024, just 16 months after the start of construction, Nokian opened a new zero-carbon tire factory in Romania. "The new facilities will enable us to better serve our customers and strengthen our position, especially in Central Europe," Moisio said, adding that in the US, the company had completed the investment phase in the Dayton, Tennessee factory, "expanding our capabilities to produce tires tailored to the needs of North American drivers."

In 2024, Nokian is also celebrating the 90th anniversary of its winter tires and "continues to actively work on launching new products". This year, among other things, the company has introduced an updated range of Noktop 21 tread bars, as well as new sizes of Nokian Tractor King tires for tractors and Nokian Forest King F2 tires for forestry equipment.

"Thanks to the growth in capacity and new innovations, we have a solid foundation for future success. Despite market uncertainties, our team has done an excellent job, and we continue to build the new Nokian Tyres according to our plans," Moisio summarized.