NOKIA, Finland (April 3, 2014) — Nokian Tyres P.L.C. has downgraded its earnings and sales expectations for 2014 due to a weaker forecast for the economy in Russia and and the former Soviet Bloc nations.
Nokian cited a “clearly devalued” Russian rouble for hurting the Russian economy and the purchasing power of Russian consumers. Nokian derived 34 percent of its fiscal 2013 sales from business in Russia and other eastern European and central Asian nations of the Confederation of Independent States.
Nokian said it expects sales and earnings to fall short of its 2013 performance due to the situation in Russia, despite growth expectations in other key markets in the Nordic countries, Central Europe and North America. Previously Nokian had projected sales growth in 2014.