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Earnings Call Summary | NOKIAN RENKAAT OYJ (NOKIA TYRES)(NKRKF.US) Q1 2024 Earnings Conference

moomoo AI ·  Apr 29, 2024 17:47  · Conference Call

The following is a summary of the Nokian Renkaat Oyj (NKRKF) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Nokian Renkaat reported Q1 revenue of €236 million, identical to the previous year's figures.

  • Despite challenges, Portfolio EBITDA in Q1 was €12.5 million, slightly higher than the previous year's €11.2 million.

  • The company's Q1 operating profit fell slightly to -€15.1 million compared to the previous year's -€14 million.

  • The Finnish political strikes and the Red Sea crisis negatively impacted the EBITDA level by roughly €20 million.

Business Progress:

  • Nokian Renkaat is moving forward with operations at its new zero-CO2 factory in Romania, set to start production within the year.

  • Despite political and environmental hurdles, the company stresses its potential for significant future growth.

  • The completion of its U.S. factory and the opening of the Romanian factory are foundational for the company's focus on organic growth.

  • Nokian Tyres is working on innovative solutions to manage a forecasted 5% rise in labour costs, currently considering efficiencies and price adjustments.

  • The company anticipates spending around €350 million in capital expenditure for the year, potentially less if subsidies are approved.

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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