NOKIA, Finland (Feb. 16, 2005) — Nokian Tyres P.L.C. expects sales and earnings this year to eclipse those of fiscal 2004, which were 13.9 and 40 percent ahead of 2003, despite continuing increases in raw materials prices and unfavorable currency exchanges.
Nokian said it expects “healthy demand” for winter passenger tires, high-performance summer tires and heavy specialty tires in 2005.
For fiscal 2004, Nokian reported net income of $85.5 million on sales of $748 million, for an earnings/sales ratio of 11.4 percent.
Sales were strong in all sectors, Nokian said, notably car tires, where sales were up by over 20 percent. Export sales to Russia (up 53 percent), North America (up 43 percent) and the Nordic countries (up 8 percent) also were strong.
Sales in the fourth quarter rose 12.5 percent to $261.5 million, led by a 21.6-percent jump in tire manufacturing-related business. Operating profit for the period increased 17.9 percent to $59.6 million.