Platinum’s Maker of $16,000 Golf Carts Stung by Weaker Earnings

Platinum Equity-backed Club Car, a maker of golf carts and utility vehicles, burned through cash in the first quarter and reported earnings that declined from a year ago as margins contracted, according to people familiar with the matter.

Club Car on Wednesday disclosed an adjusted measure of earnings of $27.3 million, an almost 30% drop from $38.2 million last year, said the people, who asked not to be named discussing private information. That figure includes a one-time cost of $4.3 million, along with a $2.5 million recurring sponsor fee to Platinum, they said.

Club Car’s revenue increased by ...