ANC Announces $23.6 Million Net Loss for Second Quarter, Sale of Company Being Explored

FT. LAUDERDALE, Fla. -- ANC Rental Corp. on August 2 announced a net loss of $23.6 million for the second quarter, representing a loss of $0.52 per share. Revenue for the three-month period was $850.6 million -- $58.6 million below last year's second-quarter revenue totals.

Michael S. Egan, chairman and CEO, said the company is now exploring options for a turnaround. "We have engaged Lehman Brothers to assist us in evaluating these options, which could include, among other possibilities, a significant investment by a third party or the sale of the company," he said.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

6 Takeaways from the 2018 International Car Rental Show

Technological solutions are finally moving from reality to theory, peer-to-peer platforms are being redefined, China has the biggest room for growth, while Sixt’s U.S. aspirations have only just begun.

The Irony of Customer Service in the Digital Age

Sure, any company would jump at the chance to use technology to reduce labor costs. But it also comes with some big, red, flashing warning lights.

Market Forces Driving Car Rental in 2018

An analysis of the conference calls of Avis Budget Group and Hertz Global Holdings reveal trends and initiatives involving fleet right sizing, pricing, ancillary revenue opportunities, and renting to ride-hailing drivers.

Job Finder: Access Top Talent. Fill Key Positions.

>