Auto Parts Maker Wheel Pros Sees 77% Drop in 4Q Earnings

Clearlake Capital Group-backed Wheel Pros Inc. posted a severe drop in fourth-quarter preliminary earnings as the company works to right-size its inventory levels, according to people with knowledge of the situation.

• Adjusted Ebitda fell over 77% to $10.9 million from $48.4 million a year earlier, said the people, who asked not to be named because the results are private
• The custom vehicle wheel-maker’s net sales for the quarter were down 24.4% to around $381 million. That compares to $504 million a year earlier
• The company has about $14 million in cash on hand
• Wheel Pros had $145 million drawn ...