Revenue during the quarter surged 49.25 percent to $891 million from $597 million in the previous year period. Gross margin for the quarter expanded 138 basis points over the previous year period to 42.09 percent. Total expenses were 91.02 percent of quarterly revenues, down from 94.81 percent for the same period last year. This has led to an improvement of 379 basis points in operating margin to 8.98 percent.

Operating income for the quarter was $80 million, compared with $31 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $190 million compared with $114 million in the prior year period. At the same time, adjusted EBITDA margin improved 223 basis points in the quarter to 21.32 percent from 19.10 percent in the last year period.

Chief Executive Officer Rakesh Sachdev said, "Platform's businesses demonstrated strong performance in the third quarter. While many of our key end-markets are experiencing pressure, our businesses have continued to prove resilient as we are gaining share, launching products successfully and managing cost prudently. Both our business segments grew organic sales, adjusted EBITDA and adjusted EBITDA margins. Our Ag business grew volumes in most regions and effectively managed price in Latin America despite meaningful pressure from the weaker U.S. Dollar. The Performance Solutions business benefited primarily from a modest market recovery and share gains in electronics-related businesses, although this was partially offset by continued weakness in oil and gas markets. We believe we are growing faster than our end-markets and expect similar positive growth in the fourth quarter. Our integrations continue to progress ahead of plan, and the savings are clearly apparent in this quarter's results. Our earnings performance through the third quarter has given us the confidence to improve our full year adjusted EBITDA guidance range to $750 million to $765 million."

The company has spent $38 million cash to meet investing activities during the nine month period as against cash outgo of $2,306 million in the last year period.

Cash flow from financing activities was $337 million for the nine month period, down 86.42 percent or $2,144 million, when compared with the last year period.

Cash and cash equivalents stood at $714 million as on Sep. 30, 2016, up 4.69 percent or $32 million from $682 million on Sep. 30, 2015.

Working capital declines
Platform Specialty Products Corporation has witnessed a decline in the working capital over the last year. It stood at $1,033 million as at Sep. 30, 2016, down 23.35 percent or $314.60 million from $1,347.60 million on Sep. 30, 2015. Current ratio was at 1.66 as on Sep. 30, 2016, down from 2.40 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 94 days for the quarter from 175 days for the last year period. Days sales outstanding went down to 113 days for the quarter compared with 154 days for the same period last year.

Days inventory outstanding has decreased to 50 days for the quarter compared with 121 days for the previous year period. At the same time, days payable outstanding went down to 70 days for the quarter from 100 for the same period last year.