Investing.com - Nokian Renkaat reported on Tuesday first quarter earnings that missed analysts' forecasts and revenue that fell short of expectations.
Nokian Renkaat announced earnings per share of €0.02 on revenue of €279.8M. Analysts polled by Investing.com anticipated EPS of €0.16 on revenue of €290.04M. That with comparison to EPS of €1.41 on revenue of €343.7M in the same period a year before. Nokian Renkaat had reported EPS of €0.59 on revenue of €475.8M in the previous quarter. Analysts are expecting EPS of €0.28 and revenue of €278.59M in the upcoming quarter.
Nokian Renkaat shares are down 28% from the beginning of the year , still down 36.61% from its 52 week high of €29.09 set on May 6, 2019. They are under-performing the STOXX 600 which is down 19.45% year to date.
Nokian Renkaat follows other major Consumer Cyclical sector earnings this month
Nokian Renkaat's report follows an earnings beat by Harvia Oyj on April 28, who reported EPS of €0.19 on revenue of €20.4M, compared to forecasts EPS of €0.14 on revenue of €18.77M.
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