Why did CGAU's Q4 2024 EPS fall short of forecasts?

The EPS of CGAU for Q4 2024 fell short of forecasts due to several factors influencing its financial performance: 1. **Revenue Decline**: Centerra Gold experienced a decrease in revenue, with the third quarter revenue reported at $323.9 million, a 5.8% decline from the same period in the previous year. This reduction in revenue contributes to the EPS shortfall. 2. **Net Income Decrease**: The company's net income decreased significantly, with the third quarter net income reported at $28.8 million, a 53% decrease from the previous year's third quarter. This decline in net income directly impacts the diluted EPS. 3. **Profit Margin Compression**: Centerra Gold faced challenges that compressed profit margins. The profit margin decreased to 8.9% in the third quarter, down from 18% in the same quarter of the previous year. Lower profit margins result in lower EPS. 4. **Strategic Investments**: Despite strong free cash flow generation, significant investments in the Thompson Creek restart contributed to the EPS shortfall. These investments are crucial for long-term growth but can temporarily strain financial performance. In summary, CGAU's Q4 2024 EPS fell short due to a combination of revenue decline, net income decrease, profit margin compression, and strategic investments. These factors collectively impacted the company's financial performance, leading to a shortfall in EPS relative to forecasts.