How did MTR's Q2 earnings surprise investors?

Mesa Royalty Trust (MTR) experienced a significant decline in its Q2 earnings, which likely surprised investors with its poor financial performance. Here are the key details:

1. **Revenue and Net Income Decline**: MTR's revenue for Q2 2024 was reported at $731.4k, a substantial decrease of 78% compared to the previous year's revenue. Similarly, the net income dropped by 84%, falling to $463.0k from the previous year's $1.53 million.
2. **Profit Margin Compression**: The profit margin for MTR decreased significantly, compressing to 63% in Q2 2024, down from 84% in the same quarter of the previous year. This decline was primarily driven by the reduced revenue.
3. **Earnings Per Share (EPS) Decrease**: The EPS for MTR in Q2 2024 was $0.25, a sharp reduction from the $1.53 recorded in the same quarter of the previous year.

Overall, MTR's Q2 earnings report reflected a company struggling with substantial revenue losses, profit margin compression, and a significant decline in EPS. These factors combined likely led to a negative surprise for investors, as the financial performance fell short of expectations.