Analysts: Nokian Results 10 per cent Above Consensus
Financial analysts are reporting that Nokian Tyres’ recent fiscal results exceeded expectations. According to one Deutsche Bank note the Finnish manufacturer achieved further quarter net sales and EBIT 10 and 11 per cent above consensus respectively. The driver for the strong performance is said to have been the company’s was Car Tyres division, as growth in Russia once again surprised, growing by almost 100 per cent.
The analysts also applauded the “new more aggressive capital expenditure” plans that Nokian recently revealed. These see the company aim to produce 10 million tyres in Russia by 2011, almost 50 per cent more than Deutsche Bank had previously modelled.