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Nexen Profits Improve Nearly 5% on Modest Sales Growth

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Nexen Logo RSNexen Tire Corp. posted 2014 sales of $1.68 billion, a modest 1.7% improve year-over-year.

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The South Korean tiremaker said its operating earnings rose 18% in 2014, and its net income for the year improved by 4.7% to $123.6 million.

Nexen said revenue growth was limited by the slow replacement tire market in the U.S. and Europe, but its tire production increased by 7.1% to nearly 35 million units during 2014.

Nexen said it expects stable raw materials prices throughout 2015 based on oil price forecasts, which include a goal of $2.5 billion in sales for 2015.

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