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Harmony's (HMY) Earnings and Revenues Decline Y/Y in FY20
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Harmony Gold Mining Company Limited (HMY - Free Report) posted adjusted loss of 10 cents per share in fiscal 2020 (ended Jun 30, 2020) against adjusted earnings of 14 cents recorded a year ago.
Revenues and Costs
In fiscal 2020, revenues fell 1.6% to $1,867 million from $1,898 million registered a year ago. Average gold prices received during the fiscal rose roughly 14% year over year to $1,461 per oz.
Gold production was 1,217,323 ounces (oz) in the fiscal, down around 15% year over year.
Cash operating costs per ounce rose around 14% to $1,099. All-in-sustaining costs (AISC) rose around 7% year over year to $1,293 per oz.
Financial Overview
At the end of fiscal 2020, cash and cash equivalents rose more than five-folds year over year to $367 million. Cash flow from operating activities fell 9.1% year over year to $300 million in the fiscal.
Net debt was $79 million at the end of fiscal 2020.
Outlook
Harmony Gold plans to produce 1.25-1.3 million oz of gold in fiscal 2021.
The company stated that it is well-positioned to gain from the expected strength of the gold price. In addition to its Tier 1 projects such as Wafi-Golpu and a pipeline of organic projects in South Africa, the company is expected to benefit from the newly-acquired assets that will boost production as conditions improve.
Price Performance
Shares of Harmony have rallied 86.2% in the past year compared with the industry’s 55.9% rise.
Eldorado Gold has an expected earnings growth rate of 2,325% for 2020. The company’s shares have surged 42% in the past year.
Kirkland Lake Gold has an expected earnings growth rate of 22.6% for 2020. Its shares have returned 10.7% in the past year.
Yamana has an expected earnings growth rate of 76.9% for 2020. The company’s shares have soared 79.1% in the past year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Harmony's (HMY) Earnings and Revenues Decline Y/Y in FY20
Harmony Gold Mining Company Limited (HMY - Free Report) posted adjusted loss of 10 cents per share in fiscal 2020 (ended Jun 30, 2020) against adjusted earnings of 14 cents recorded a year ago.
Revenues and Costs
In fiscal 2020, revenues fell 1.6% to $1,867 million from $1,898 million registered a year ago. Average gold prices received during the fiscal rose roughly 14% year over year to $1,461 per oz.
Gold production was 1,217,323 ounces (oz) in the fiscal, down around 15% year over year.
Cash operating costs per ounce rose around 14% to $1,099. All-in-sustaining costs (AISC) rose around 7% year over year to $1,293 per oz.
Financial Overview
At the end of fiscal 2020, cash and cash equivalents rose more than five-folds year over year to $367 million. Cash flow from operating activities fell 9.1% year over year to $300 million in the fiscal.
Net debt was $79 million at the end of fiscal 2020.
Outlook
Harmony Gold plans to produce 1.25-1.3 million oz of gold in fiscal 2021.
The company stated that it is well-positioned to gain from the expected strength of the gold price. In addition to its Tier 1 projects such as Wafi-Golpu and a pipeline of organic projects in South Africa, the company is expected to benefit from the newly-acquired assets that will boost production as conditions improve.
Price Performance
Shares of Harmony have rallied 86.2% in the past year compared with the industry’s 55.9% rise.
Zacks Rank & Key Picks
Harmony currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Eldorado Gold Corporation (EGO - Free Report) , Kirkland Lake Gold Ltd. and Yamana Gold Inc. , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Eldorado Gold has an expected earnings growth rate of 2,325% for 2020. The company’s shares have surged 42% in the past year.
Kirkland Lake Gold has an expected earnings growth rate of 22.6% for 2020. Its shares have returned 10.7% in the past year.
Yamana has an expected earnings growth rate of 76.9% for 2020. The company’s shares have soared 79.1% in the past year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>