Nokian Renkaat misses forecasts on weak European demand
HELSINKI, April 29
HELSINKI, April 29 (Reuters) - Finnish tyre maker Nokian Renkaat reported a bigger-than-expected decline in quarterly profit due to a steep fall in European demand.
The company said its first-quarter operating profit fell 27 percent year-on-year to 76 million euros ($100 million), missing the average forecast among analysts for 82 million euros.
Nokian Renkaat said earnings in the first half of the year will likely be weaker than a year earlier, but repeated its forecast for ful-year sales and profit to grow thanks to strength in its most profitable market, Russia. ($1 = 0.7634 euros) (Reporting By Jussi Rosendahl; Editing by Ritsuko Ando)