NOKIA, Finland — Nokian Tyres P.L.C. posted higher sales and earnings last year versus 2023, due largely to "solid growth" in central Europe.
Pre-tax operating earnings grew 7.6% higher to $200.4 million on sales of $1.4 billion, up 9.9% over 2023, Nokian reported. The operating ratio was steady at 14.4%.
Gains included a significant increase in sales of passenger tires, driven by "robust growth" in central Europe, Nokian President and CEO Paolo Pompei said.
In Nordic countries, Nokian "continues in a strong position while further improvement is required in our North American business, where the fourth quarter was particularly soft."
Nokian's heavy tires business "performed well in a weak OE market," added Pompei, who joined at the Finnish tire maker at the start of the year.
In 2024, he continued, the company advanced growth through "strategic investments to increase capacity and strong innovation efforts to launch new products."
Milestones included opening a new factory in Oradea, Romania, which Pompei said "is getting ready for tire deliveries."
Nokian also completed a phase of major investment at its U.S. factory in Dayton, Tenn., where it is now introducing new sustainable materials into its tires.
In 2025, Pompei said Nokian will focus on growth and sharpen its operations to increase productivity and efficiency while maintaining strict cost control.
Tire demand in Nokian Tyres' markets is expected to remain at the 2024 level in 2025, the company said, although global economy and geopolitical uncertainties may cause volatility to the company's business environment.
Sales growth in 2025 will be based on increasing capacity in the Romanian and U.S. factories as well as good availability of finished goods inventories, Nokian said.
On the wider business environment, Pompei said "the recent announcements of trade tariffs [by the Trump administration] are causing uncertainty.
"We are analyzing the possible impacts of the tariffs and creating a strategy how to address them."
