Analyst Consensus ?
ConsensusHold10 ratings
Bullish110.0%
Neutral770.0%
Bearish220.0%
Harmony Gold Mining Company Limited · HMY · FY2024 Q4 · Calendar Q3 2024
Harmony posts record FY24 and raises investment for growth
The current analysis supports a constructive operating picture, with record FY24 performance, low reported all-in sustaining cost and strong cash generation. The next-year case depends on sustaining underground grades and executing a higher-capex growth plan that includes copper projects and tailings retreatment; the analysis also identifies permitting, power, water and funding risks.
Reported Before market openNYSEBasic Materials
$10.95B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.11
Consensus —
EPS surprise
—
Reported versus consensus
Reported revenue
$823.4M
Consensus $3.89B
Revenue surprise
-78.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.0%
Event window
SPY move
-0.2%
Same window
Abnormal move
-0.8%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+11.3%
Up to 20 sessions
HMYSPY benchmark
Ask FN2 about HMY FY2024 Q4
Transcript, numbers and history already loaded
What drove HMY's -1.0% move after FY2024 Q4 earnings?What changed in HMY's guidance and outlook in FY2024 Q4?Give me the bull and bear case for HMY after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis shifts from FY2024 delivery toward FY25 execution: capital expenditure is increasing to ZAR 10.8 billion, copper diversification through Eva Copper and Wafi-Golpu is more prominent, and management has highlighted renewable-power and digitalisation investments. Guidance sentiment remains maintained.
Guidance delta
FY25 guidance sentiment is maintained, while planned FY25 capital expenditure increases to ZAR 10.8 billion.
Key takeaways
- Management described record FY24 results, with EPS up 132% and operating free cash flow more than doubling to US$681 million.
- All-in sustaining cost was $1,500 per ounce, below guidance.
- Copper diversification through Eva Copper and Wafi-Golpu is a strategic priority.
- FY25 capex is planned at ZAR 10.8 billion for mine extensions, new projects and renewable power.
- CEO Peter Steenkamp is scheduled to retire at the end of 2024, with succession planning underway.
Management priorities
- Complete extensions at Mponeng, Moab Khotsong and Mine Waste Solutions.
- Advance Eva Copper to final investment decision and production, and finalize the Wafi-Golpu mining development contract.
- Expand tailings retreatment capacity in Free State and West Wits.
- Deploy a 100 MW renewable power plant and increase IT and digitalisation spending.
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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 |
|---|---|---|---|---|
| RPM RPM International Inc. | FY2027 Q1 · Calendar Q4 2026 | +1.5% | +3.2% | RPM posts record quarter, but input costs narrow the outlook |
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 · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-11T05:30:43.756090+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 2026-10-11. For educational purposes only; not investment advice.