HELSINKI, Nov 1 (Reuters) - Finnish tyre maker Nokian Tyres reported on Wednesday better than expected quarterly profits on the back of growth in Russia and North America, as well as price increases to offset rising raw material costs.
Nokian, which has a large plant in Russia and a smaller one in Finland, said on Tuesday third-quarter operating profit rose 21 percent from a year earlier to 90 million euros ($105 million), above analysts’ average expectation of 82 million euros in a Reuters poll.
It repeated its forecast of sales and profit growth of at least 10 percent in the full year 2017, and a 20 percent rise in raw material costs.
“In Q3/2017, raw material costs decreased slightly compared with Q2/2017... We have implemented the necessary price increases in all markets, and the effect is already visible,” CEO Hille Korhonen said in a statement. ($1 = 0.8599 euros) (Reporting by Jussi Rosendahl, editing by Terje Solsvik)