Why Harmony Gold Stock Hit a High Note Today
Shares of South Africa's Harmony Gold Mining Company (NYSE: HMY) soared 12.4% through 12:20 p.m. ET after the company issued a pre-earnings announcement for full-year fiscal 2023, ended June 30.
South African law requires that companies issue such announcements whenever they have "a reasonable degree of certainty" that one year's results will differ by at least 20% from the previous year's results -- and that's the case here.
Boasting that the company has hit the upper end of previous production guidance for producing between 1.4 million and 1.5 million ounces of gold at a cost of less than 900,000 South African Rand per kilogram (that's $48,687 per kilo, or about $1,391 per ounce), and noting that gold prices have proven higher than previously predicted, Harmony issued new guidance for this fiscal year. Earnings per share are now expected to flip from a loss last year to a profit this year. Specifically, earnings per share should range from 763 to 798 South African cents, or $0.43 to $0.45.
Source Fool.com
