NOKIA, Finland (Nov. 2, 2006) — Nokian Tyres P.L.C. reported a 19.8-percent gain in sales to $677.4 million for the first nine months of the year as the company said it gained market share in both winter and summer tires.
Nokian's operating profit also rose 31.5 percent to $108.6 million in the nine months as net profit gained 26.7 percent to $75.2 million.
For the third quarter, Nokian's sales were up 22.8 percent to $234.1 million as operating income for the period nearly doubled to $46.9 million. Net income for the quarter was $34.9 million, up from $17.1 million last year.
“The positive trend continued at Nokian Tyres, accelerating further in July-September: sales increased, profits improved and market shares of car winter and summer tires grew significantly,” said Kim Gran, president and CEO.
Nokian expects sales growth in the fourth quarter to be more moderate than the nine months because of good winter tire pre-sales in the second and third quarters.
In Nokian's passenger car tire segment, sales in the quarter rose 27.5 percent to $154.9 million as operating profit grew 49.7 percent to $44.7 million. Segment sales in the nine months rose 22.5 percent to $436.7 million as operating profit increased 19.7 percent to $102.8 million.