* Q3 operating profit 72.1 mln euros vs 82.5 mln in Reuters poll
* Sees 2014 EBIT at 300-320 mln euros vs 338 mln in Reuters poll
* Shares drop 6 pct (Adds share reaction, analyst comments)
By Jussi Rosendahl
HELSINKI, Oct 31 (Reuters) - Finnish winter tyre specialist Nokian Renkaat on Friday reported quarterly profit below market expectations and gave a disappointing forecast on the rest of the year due to dropping sales in Russia.
Shares in the company fell 6.2 percent after Nokian said its third-quarter operating profit fell 25 percent from a year earlier to 72.1 million euros ($90.6 million), well below the market consensus of 82.5 million euros in a Reuters poll.
The company also cut its full-year outlook, saying sales were set to decline, with operating profit seen around 300 million-320 million euros, down 17-22 percent from 2013 and below the analysts' average forecast of 338 million euros.
Nokian has in recent years benefited from its strong presence in Russia, but the Ukraine crisis and a weaker rouble have held back consumer spending there and cut into profits.
In the country, Nokian has expanded its distribution network and operates its largest factory near St. Petersburg with an annual capacity of 15 million tyres.
Russia's share of the company's sales have dropped to 27 percent this year from 37 percent in January-September of 2013.
Russia's low level of car ownership compared with the rest of Europe, its cold climate and bad roads make the vast country a prime market for high-margin winter tyres - Nokian's strongest market - and the company said it remained a big opportunity.
"The mid-term visibility is poor at the moment, but we are in a good position to pursue future success," newly-appointed chief executive Ari Lehtoranta said.
MARGINS
Despite the drop in Russia, the company posted an operating profit margin of 23 percent for the first nine months, helped by stable sales in Nordic countries and lower raw material costs.
Shares in the company, down 34 percent this year, traded at 23 euros by 1221 GMT.
"Looking forward, analysts must likely cut their estimates also for next year," said Sauli Vilén, analyst at Inderes Equity Research.
He said that in addition to Russia, Nokian's business in central Europe was also disappointing in the quarter.
Nokian Renkaat was ahead of its Western rivals to invest in Russia, but Vilén said competition in the country was expected to intensify in the future.
"Nokian has an excellent, test-winning product portfolio. They have productional advantage and a strong brand (in Russia), but right now they are far from their full profit potential." ($1 = 0.7961 euro) (Reporting by Jussi Rosendahl; Editing by Sunil Nair, Anupama Dwivedi, Crispian Balmer)