Harmony Gold Mining Company Limited
HMY
posted adjusted earnings of 48 cents per share for the first half of fiscal 2021 (ended Dec 31, 2020), up from adjusted earnings of 17 cents recorded for the same period a year ago.
Harmony Gold Mining Company Limited Price, Consensus and EPS Surprise
Harmony Gold Mining Company Limited price-consensus-eps-surprise-chart
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Harmony Gold Mining Company Limited Quote
Revenues and Costs
In first half of fiscal 2021, revenues increased 26.1% to $1,329 million from $1,054 million registered a year ago. Average gold prices received during the period rose roughly 19% year over year to $1,716 per ounce (oz).
Gold production was 745,347 oz in the period, up around 8% year over year.
Cash operating costs per oz declined 8% to $1,141. All-in-sustaining costs (AISC) declined 7% year over year to $1,370 per oz.
Financial Overview
As of Dec 31,2020, cash and cash equivalents rose more than three-folds year over year to $287 million. Cash flow from operating activities increased 91.4% year over year to $356 million in the first half of fiscal 2021.
Net debt was $39 million at the end of the first half of fiscal 2021.
Outlook
Harmony Gold plans to produce 1.56-1.6 million oz of gold in fiscal 2021.
The company stated that it expects the integration of the newly-acquired Mponeng mine and related assets to enhance its near-term production. Harmony is also well positioned to gain from higher gold prices. In addition to the Tier 1 Wafi-Golpu asset, which received the environment permit in late 2020, there are various other projects currently underway. Moreover, the company’s strong balance sheet enables it to pursue its strategic growth objectives through mergers and acquisitions.
Price Performance
Shares of Harmony have moved up 0.8% in the past year compared with 5.7% rise of the
industry
.
Zacks Rank & Other Key Picks
Harmony currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are
Fortescue Metals Group Limited
FSUGY
,
BHP Group
BHP
and
Impala Platinum Holdings Limited
IMPUY
.
Fortescue has a projected earnings growth rate of 84.3% for the current fiscal. The company’s shares have surged around 179.2% in a year. It currently carries a Zacks Rank #2. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BHP has an expected earnings growth rate of 65.6% for the current fiscal. The company’s shares have gained around 68.1% in the past year. It currently carries a Zacks Rank #2.
Impala has an expected earnings growth rate of 195.9% for the current fiscal. The company’s shares have rallied around 70.3% in the past year. It currently sports a Zacks Rank #1.
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