NOKIA, Finland (Feb. 10, 2012)—Nokian Tyres P.L.C. posted double-digit gains in sales and earnings for fiscal 2011, prompting management to issue an optimistic forecast for 2012 despite uncertainties in some core markets.
Operating profits for the year ended Dec. 31 rose 71.1 percent to $529.4 million
Net income jumped 82 percent to $430.2 million, sales climbed 37.7-percent to $2.03 billion, and operating profits rose 71.1 percent to $529.4 million for the year ended Dec. 31.
For 2012, Nokian reports a strong order book and said growing production capacity offers further growth potential and productivity gains, while declining raw material cost estimates support profitability. Demand for heavy tires is expected to be softer in 2012.
For fiscal 2011, Nokian reported sales in Russian and Confederation of Independent States grew 79 percent and now represent nearly 27 percent of global sales. Sales in the Nordic countries increased 17.4 percent, while business in central and Eastern Europe was up 49.1 percent. Sales in North America were up 9.9 percent.