BUSINESS DIGEST || Penguin’s 100th tap

Penguin’s 100th tap

YOUNGSTOWN

Penguin City Beer’s 100th tap will be located at the St. George Croatian Center, 3200 Vestal Road.

“I really like that it ended up being there because I’m Croatian and also a member of the St. George Croatian Center,” said Penguin City Beer owner Aspasia Lyras.

In addition to expanding to 100 taps, Penguin City Beer will also be available at Chad Anthony’s on Belmont Avenue, Giant Eagle in Poland and Giant Eagle on Belmont Avenue in Liberty.

Net income

CORTLAND

Cortland Bancorp, the holding company for Cortland Savings and Banking Company, reported a net income of $8.8 million, or $2.04 per share, for the full year 2018. This is more than double the earnings of $4.4 million, or $.99 per share, for 2017. The 2018 return on average assets and return on average equity – adjusted for nonrecurring items – were 1.08 percent and 11.84 percent, compared with 0.74 percent and 7.83 percent for the full year in 2017.

Back to work

LOS ANGELES

Tens of thousands of Los Angeles teachers returned to work Wednesday after voting to ratify a contract, ending a six-day strike at the nation’s second-largest district.

The Los Angeles teachers headed back to work a day after Denver teachers voted Tuesday to go on strike after more than a year of negotiations. While Colorado teachers have the right to strike, the state officials could delay the walkout by up to 180 days.

In Los Angeles, the return followed days of marches and picketing and a marathon bargaining session that led to a ratification vote Tuesday. The deal includes a 6-percent pay hike and a commitment to reduce class sizes over four years.

Ford reports loss

DEARBORN, Mich.

Ford Motor Co. has reported its first quarterly loss in two years due to a pension accounting charge and poor performances in Europe and China.

The Dearborn, Mich., company on Wednesday said it lost $116 million, or 3 cents a share, in the fourth quarter, compared with a $2.52 billion profit in the same period a year earlier.

The loss included an $877 million charge to revalue global pension assets due to a late-year market slide.

The company still made $3.68 billion for the full year.

Comcast earnings

NEW YORk

Comcast said Wednesday that net income fell 83 percent to $2.51 billion, or 55 cents per share, in the fourth quarter of 2018. A big tax benefit in 2017 from changes to the tax code weighed on the most recent quarter’s result.

Excluding the tax changes, adjusted earnings per share were 64 cents.

Overall revenue rose 26 percent to $27.85 billion.

Investors were happy with results, sending Comcast’s shares up 4.8 percent to $36.65 in afternoon trading.

Staff/wire reports