Analyst Consensus ?
ConsensusHold10 ratings
Bullish110.0%
Neutral770.0%
Bearish220.0%
Harmony Gold Mining Company Limited · HMY · FY2023 Q1 · Calendar Q1 2024
Harmony maintains FY2024 guidance as projects advance
Harmony's current evidence supports a constructive but qualified view: record free cash flow, higher grades and a stable cost base underpin maintained guidance, while safety, costs and project execution remain key tests.
Reported Before market openNYSEBasic Materials
$10.95B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.26
Consensus —
EPS surprise
—
Reported versus consensus
Reported revenue
$858.8M
Consensus —
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.4%
Event window
SPY move
-0.1%
Same window
Abnormal move
-0.2%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
+45.6%
Up to 20 sessions
HMYSPY benchmark
Ask FN2 about HMY FY2023 Q1
Transcript, numbers and history already loaded
What drove HMY's -0.4% move after FY2023 Q1 earnings?What changed in HMY's guidance and outlook in FY2023 Q1?Give me the bull and bear case for HMY after FY2023 Q1 earnings.
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Transcript intelligence
What changed
The current analysis emphasizes record operating free cash flow, maintained FY2024 guidance and progress toward a broader project pipeline. It also adds specific focus on recent fatalities, the Mponeng life-of-mine extension and the Eva Copper feasibility and permitting work.
Guidance delta
FY2024 guidance was maintained, with management expressing confidence in reaching the upper end of production and lower end of cost targets.
Key takeaways
- Record operating free cash flow of ZAR 7.1 billion, up 265% year on year.
- Higher underground grades, improved recoveries and a stable rand cost base supported margins.
- Management highlighted a project pipeline spanning Mponeng, Moab Khotsong, Hidden Valley, Eva Copper and the Target turnaround.
- Safety improved, but recent fatalities remain an operational risk.
- A net cash position and a 20% production hedge provide resilience to gold-price volatility.
Management priorities
- Advance the Mponeng life-of-mine extension after board approval.
- Finalize the Eva Copper feasibility study and pursue Queensland permit amendments.
- Progress Moab Khotsong and Hidden Valley extensions and complete the Target turnaround.
- Continue exploration drilling and resource-to-reserve conversion across jurisdictions.
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Buy | Hold | Upgrade | Oct 9, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Nov 12, 2024 |
| UBS | Neutral | Buy | Downgrade | Sep 7, 2022 |
| Macquarie | Underperform | Neutral | Downgrade | Aug 28, 2018 |
| Bank of America | Neutral | Buy | Downgrade | Oct 20, 2017 |
| B of A Securities | Neutral | Buy | Downgrade | Oct 20, 2017 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Nov 11, 2016 |
| Citigroup | Sell | Neutral | Downgrade | Nov 11, 2016 |
| Goldman Sachs | Neutral | Sell | Upgrade | Oct 22, 2013 |
| CIBC | Sector Perform | Sector Outperform | Downgrade | Jan 24, 2013 |
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Start freeCompany context
Snapshot as of publicationHarmony Gold Mining Company Limited engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australia. The company explores for gold, uranium, silver, and copper deposits. It has nine underground operations in the Witwatersrand Basin; the Kraaipan Greenstone Belt; and various surface source operations in South Africa. In addition, the company owns interests in the Hidden Valley, an open-pit gold and silver mine; and the Wafi-Golpu project located in Morobe Province in Papua New Guinea. Further, it holds interest in Eva Copper Project located in Queensland, Australia. Harmony Gold Mining Company Limited was incorporated in 1950 and is based in Randfontein, South Africa.
Historical context
All HMY earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AA Alcoa Corporation | FY2026 Q3 · Calendar Q4 2026 | +20.5% | +7.2% | Alcoa: Strong Q3 execution, with safety and transaction risks ahead |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-17T18:40:41.619590+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-17. For educational purposes only; not investment advice.