Harmony's (HMY) Earnings Increase, Revenues Down Y/Y in FY23
Harmony Gold Mining Company Limited HMY logged adjusted earnings of 45 cents per share for fiscal 2023 (ended Jun 30, 2023), up 36% from adjusted earnings of 33 cents recorded a year ago.
For fiscal 2023, revenues fell 1% year over year to $2,774 million. The company gained from high recovered grades at underground mines in South Africa, accompanied by solid momentum observed throughout its portfolio.
Average gold prices received for the fiscal fell nearly 1% year over year to $1,808 per ounce (oz).
Harmony Gold Mining Company Limited Price, Consensus and EPS Surprise
Harmony Gold Mining Company Limited price-consensus-eps-surprise-chart | Harmony Gold Mining Company Limited Quote
Production and Costs
Gold production was 1,467,715 oz for fiscal 2023, down around 1% year over year.
Cash operating costs per oz fell 10% year over year to $1,288. All-in-sustaining costs fell 9% year over year to $1,558 per oz.
Financial Overview
As of Jun 30, 2023, cash and cash equivalents rose around 1% year over year to $152 million.
Operating free cash flow surged 108% year over year to $339 million in fiscal 2023.
Long-term debt was $297 million at the end of fiscal 2023, up around 52% year over year.
Outlook
Harmony Gold expects to produce 1.38-1.48 million oz of gold in fiscal 2024.
The company plans to increase its capital expenditure to $535 million in fiscal 2024. This is mainly due to the company's investment in its major projects, the Hidden Valley life of mine extension project, for the necessary fleet replacement and higher development capital.
Zacks Rank & Key Picks
Harmony currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation CRS and Hawkins, Inc. HWKN, both sporting a Zacks Rank #1 (Strong Buy), and Livent Corporation LTHM, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for Carpenter Technology’s current year is pegged at $3.36, indicating year-over-year growth of 194%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 84.6% in the past year.
The consensus estimate for Hawkins’ current-year earnings is pegged at $3.40, indicating year-over-year growth of 18.9%. HWKN beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have rallied 61.8% in the past year.
The consensus estimate for Livent’s current-year earnings is pegged at $2.12, indicating a year-over-year growth of 51.4%. In the past 60 days, LTHM’s current-year earnings estimate has been revised upward by 3.4%. The company beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 19%.
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