Harmony Gold Mining Company Limited HMY logged adjusted earnings of 99 cents per share in the fiscal 2024 (ended June 30, 2024), up 120% from adjusted earnings of 45 cents recorded a year ago.

In the fiscal 2024, revenues rose 18% year over year to $3,282 million. Average gold prices received for the fiscal increased 11% year over year to $1,999 per ounce (oz).

Harmony Gold Mining Company Limited Price and Consensus

 

Harmony Gold Mining Company Limited price-consensus-chart | Harmony Gold Mining Company Limited Quote

 

Harmony Gold’s Production Rises and Costs Decline

Gold production was 1,561,815 oz for fiscal 2024, up around 6% year over year.

Cash operating costs per oz fell 2% year over year to $1,262. All-in-sustaining costs fell 4% year over year to $1,500 per oz.

HMY’s Financial Overview

As of June 30, 2024, cash and cash equivalents rallied around 70% year over year to $258 million.

Operating free cash flow surged 101% year over year to $681 million in the fiscal 2024.

Long-term debt was $98 million at the end of the fiscal 2024, down around 67% year over year.

HMY’s Outlook Reflects Higher Capex

Harmony Gold expects to produce 1.4-1.5 million oz of gold in fiscal 2025.

The company’s guidance reflects the higher capital expenditure required to continue production and its growth plans. Capital expenditures for the fiscal 2025 are projected to increase to $592 million as a result of HMY’s investment in major high-grade and surface retreatment projects.

HMY Stock’s Price Performance

Shares of Harmony Gold have surged 108.8% in the past year against a 33.4% rise in the industry.

Image Source: Zacks Investment Research

HMY’s Zacks Rank & Key Picks

HMY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Hawkins, Inc.HWKN, Carpenter Technology Corporation CRS and Eldorado Gold Corporation EGO, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from the year-ago level. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days.The stock has rallied around 103.3% in the past year.

The Zacks Consensus Estimate for Carpenter Technology’scurrent-year earnings is pegged at $6.06 per share, indicating a rise of 27.9% from the year-ago level. CRS’ earnings beat the consensus estimate in each of the trailing four quarters, the average earnings surprise being 15.9%. The stock has surged nearly 110.6% in the past year.