Nokian Tyres sees weaker 2020 on Russia slowdown [Reuters]
NOKIAN TYRES PLC UNSP/ADR (NKRKY)
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nokiantyres.com/company/investors
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Source: Reuters
Nokian Tyres sees weaker 2020 on Russia slowdown HELSINKI (Reuters) - Finland’s Nokian Tyres ( TYRES.HE ) on Friday warned of a significant fall in its 2020 operating profit hurt by its Russian operations, sending its shares sharply lower. It said the Russian market was weaker than expected in 2019 and that it expects a substantial decline there this year. “Low consumer spending, declining new car sales and increasing competition resulted in a significant increase in carry-over stocks at the year-end in Russia,” the company said in a statement. Nokian said it expected its 2020 group sales to decline as profits and sales in Russia, which contribute around 20% to group revenue, would decline significantly. Analysts had expected 2020 operating profit growth of 2% on sales up 4%, Refinitiv data showed. Nokian share fell more than 9% in early trade to their lowest level since August 2015. They were down 7% at 0905 GMT. Equity analyst firm Inderes called the 2020 guidance “an ugly miss” a
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