What caused WPM's Q2 2024 EPS to fall below forecasts?

Wheaton Precious Metals Corp. (WPM) experienced a slight decline in its Q2 2024 EPS, with the EPS falling to $0.27, compared to the consensus estimate of $0.28. This deviation from the expected EPS can be attributed to several factors: |code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code| |---|---|---|---|---|---|---| |WPM|WPM.N|Wheaton Precious|2023 Q3|-40.78341013824884|0.257|169| |WPM|WPM.N|Wheaton Precious|2024 Q1|47.15447154471544|0.362|169| |WPM|WPM.N|Wheaton Precious|2024 Q2|-13.782051282051277|0.269|169| 1. **Lower Palladium Prices**: Although higher gold prices and increased production from key mines like Salobo and Constancia helped to offset this effect, the lower palladium prices experienced during the quarter contributed to the slight miss on earnings. This aligns with the broader market trends and specific mine performance. 2. **Market Conditions and Economic Factors**: The broader market conditions, including interest rates, commodity prices, and economic growth rates, can significantly impact mining company performance. Changes in these factors can affect WPM's revenue and, subsequently, its EPS. For instance, higher interest rates can increase borrowing costs for the company, affecting its profitability. In summary, WPM's Q2 2024 EPS fell below forecasts primarily due to lower palladium prices and market conditions. Despite these challenges, the company's overall revenue and gold-equivalent ounce production showed resilience, indicating a robust operational performance.