When you’re pulling gold out of the ground for a living, you can rest assured that someone, somewhere, will buy it. That surety is giving Harmony Gold (NYSE:HMY) an extra boost in the market. Shares of the gold stock are up over 14% in Wednesday afternoon’s trading, and it’s largely thanks to new guidance issued by the miner itself.
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The latest reports from Harmony Gold note that basic earnings for the 2023 fiscal year will outstrip those seen in fiscal year 2022. That prediction is almost shockingly reliable because, so far, production has already beaten the top end of guidance. Better yet, not only is Harmony Gold finding more gold, but it’s also finding better gold. Recovered grades are on the rise, and so too is the average gold price received. Throw in a complete lack of impairment on assets from this fiscal year, and things only get better from there.
Right now, Harmony Gold expects earnings to come in between $0.43 and $0.45 per share. That’s a long way from analyst projections that were looking for $0.36 per share. None of these results are official yet, of course, which could put Harmony in line for a serious fall if they don’t actually materialize. But given that Harmony has apparently found all the gold it projected it would previously, it’s going to be hard for these numbers not to come off as Harmony expects.
Interestingly, a look at the last five days of trading for Harmony Gold suggests that the latest news merely did what it was on track to do all along – go up. Harmony Gold had been leaning upward for most of the last five days until the news hit this morning. That sent Harmony Gold up almost vertically for a while. But Harmony Gold’s gains continued, up until a point where they leveled off around the $4 mark.
