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Applied Materials has record revenue, free cash flow in third quarter
By Devika Patel
Knoxville, Tenn., Aug. 23 – Applied Materials, Inc. produced the strongest revenue in its history as well as record free cash flow last quarter, with over $5 billion of cumulative free cash flow generated over the past fiscal year.
“Beginning with our Q3 performance, Applied generated the strongest revenue in company history, with each of the segments exceeding guidance,” senior vice president and chief financial officer Dan Durn said on the company’s third quarter ended Aug. 1 earnings conference call on Aug. 19.
“Our results included record operating cash flow and record free cash flow of $1.5 billion.
“In fact, we've generated nearly $5 billion in cumulative free cash flow over the past four quarters,” Durn said.
The company garnered a credit ratings upgrade from S&P earlier this month.
“Last quarter, I mentioned that Moody upgraded Applied’s credit rating to A2,” Durn said.
“I'm pleased that earlier this month, Standard and Poor also upgraded our rating from A- to A,” he said.
Cash and cash equivalents were $6,066,000,000 as of Aug. 1, 2021, compared to $5,351,000,000 as of Oct. 25, 2020.
Long-term debt, net of current portion, was $5,451,000,000 as of Aug. 1, 2021, compared to $5,448,000,000 as of Oct. 25, 2020.
Applied Materials is a Santa Clara, Calif., manufacturer of semiconductor equipment.
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