Local business at a glance
Arconic Inc. posts second-quarter results
Arconic, Inc., the New York-based manufacturing firm with a location in Niles, posted its second quarter results Tuesday.
The company reported revenue of $3.6 billion, a 10 percent jump from revenue in the second quarter of 2017. Net income dropped precipitously from $212 million in 2017’s second quarter to $120 million this quarter. The company attributed the drop to unfavorable circumstances in the aerospace industry, as well as $38 million in losses associated with settlements of customer claims.
The company has over 150 locations worldwide and makes aluminum, titanium and nickel parts for planes, cars and electronics.
Local bank stocks mixed
After losing 34 cents in trading Monday, Cortland Bancorp surged on Tuesday, gaining 70 cents to close at $24.75 per share. First Niles Financial remained at $9.80 per share.