Applied Materials Director Buys 50,000 Shares (AMAT)

Applied Materials Inc. (NASDAQ: AMAT) Director Gerhard Parker bought 50,000 shares of AMAT common stock at $11.53 per share, according to a regulatory filing.

AMAT shares are marginally higher in trading today. At last check, the stock was trading 0.09% higher at $11.75 on volume of 8.91 million. The stock touched an intra-day high of $11.89 in trading today.

Year-to-date, AMAT shares have gained 9.62%, underperforming the S&P 500.

Based in Santa Clara, California, Applied Materials provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar PV and related industries.

AMAT, last month, reported its third-quarter financial results. For the quarter ended July 29, 2012, the company generated orders of $1.80 billion and net sales of $2.34 billion. The company’s net sales in the third quarter of fiscal 2011 were $2.79 billion.

AMAT’s non-GAAP operating income for the quarter was $431 million, compared to $683 million reported for the same period in the previous year. Non-GAAP net income for quarter was $300 million, compared to $467 million reported for the same period in the previous year.

On a GAAP basis, AMAT reported operating income of $322 million for the third quarter, compared to $687 million reported for the same period in the previous year. The company’s GAAP net income for the quarter was $218 million, compared to $476 million reported for the same period in the previous year.

Mike Splinter, Chairman and CEO of Applied Materials, said last month that the company delivered solid financial performance in line with its outlook despite challenging industry conditions in semiconductor, display and solar.

CFO George Davis said that AMAT generated strong operating cash flow and ramped the return of cash to shareholders, buying 3.6% of shares outstanding in the quarter.

Looking ahead, AMAT expects fourth-quarter net sales to be 25% to 40% lower sequentially. Non-GAAP earnings for the quarter are expected to be between $0.00 per share and $0.06 per share.