How did ERO's Q4 2024 earnings surprise investors?

**ERO's Q4 2024 earnings fell short of investor expectations**, as evidenced by the following details:

1. **Missed Earnings Estimates**: Ero Copper's (ERO) fourth-quarter 2024 adjusted earnings per share (EPS) came in at $0.17, which missed the Zacks Consensus Estimate of $0.21. This represents a decline of 19% year-over-year.
2. **Revenue Fall Short**: The total revenue for the quarter was $122.54 million, slightly higher than the previous year's $116.41 million; however, it missed the Zacks Consensus Estimate of $130 million. This indicates a 5.2% increase year-over-year in revenues, but the shortfall suggests operational challenges or market conditions did not meet forecasts.
3. **Production Details**: Ero Copper produced 8,566 tons of copper in Q4 2024, down from 11,760 tons in the same period of the previous year. Gold production was 8,936 ounces in Q4 2024, contributing to a record full-year production of 59,222 ounces. Despite record copper production in Q4, the lower-than-expected production figures contributed to the earnings miss.
4. **Analyst Ratings and Price Target**: Prior to the earnings release, analysts had rated ERO as a "Strong Buy" with an average current price target of $27.67, indicating confidence in the company's performance. The earnings miss may have led to concerns over the company's operational efficiency and future growth prospects.

In summary, ERO's Q4 2024 earnings fell below investor expectations due to lower-than-anticipated earnings per share and a slight revenue shortfall, despite record copper production. This has likely led to mixed reactions from investors, with concerns over operational efficiency and future growth prospects.