NYSE$LB
LandBridge Company LLC · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Announced third quarter results with revenue growth and declared initial quarterly cash dividend.
LandBridge Company LLC reported a strong third quarter in 2024, marked by a 60% year-over-year increase in revenue, reaching $28.5 million. The company also declared an initial quarterly cash dividend of $0.10 per share and initiated its FY24 and FY25 outlook. Adjusted EBITDA stood at $25.0 million, up 62% year-over-year, with a margin of 88%.
- Revenues increased to $28.5 million, a 60% increase year-over-year.
- Adjusted EBITDA reached $25.0 million, a 62% increase year-over-year, with an 88% margin.
- The company acquired 1,280 surface acres in Winkler County, Texas, and signed a purchase agreement for an additional 5,800 acres in Lea County, New Mexico.
- An initial cash dividend of $0.10 per share was announced.
Headline financials
Revenue & EPS history
LandBridge Company LLC · Revenue · Quarterly
$28.5M
Revenue by segment
LandBridge Company LLC · $47.5M total across 9 segments · Q2 2025
- Easements and other surface-related revenues$14.3M—30.0%
- Surface use royalties$9.02M—19.0%
- Surface use royalties - Related party$7.68M—16.1%
- Resource sales$5.46M—11.5%
- Resource royalties$3.84M—8.1%
- Easements and other surface-related revenues - Related party$3.25M—6.8%
- Oil and gas royalties$2.73M—5.8%
- Resource royalties - Related party$1.11M—2.3%
- Resource sales - Related party$181K—0.4%
Forward guidance
The Company initiated its outlook for full-year 2024 and full-year 2025, expecting Adjusted EBITDA to be between $95 million and $100 million for 2024, and between $140 million and $160 million for 2025.
Tailwinds
- Higher than expected surface use royalties and revenues subsequent to increased development and higher than anticipated produced water volumes on our surface
- Addition of a lease development agreement payment for the development of a data center on approximately 2,000 acres of our land in the southern Delaware Basin
- Incremental contribution of our recent acquisitions
- Initial solar facility contributions to surface use revenues
- Growth of our surface use royalties through higher produced water volumes on our surface
Headwinds
- Deferral of marketing a 250MW solar project into 2025 to better align with the execution of the lease development agreement in connection with the data center
- Lower than anticipated resource sales and royalties
- Impact of realized commodity prices on our oil and gas royalties
- Updates to resources sales and royalties based on current timing and volume expectations
- Updates to anticipated commodity pricing based on current regional pricing dynamics
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 6 quarterly earnings reports · overlaid with Q3 2024
+1.3%
Avg return
Earnings day
+1.7%
Avg return
5 days after
-2.8%
Avg return
30 days after
43%
3 / 7 earnings
Positive
+22.7%
Q3 2024
Best reaction
-11.3%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -0.2% | +1.1% | +5.8% | |
| Q4 2025 | +13.8% | +12.0% | +10.0% | |
| Q3 2025 | -10.5% | -23.9% | -32.3% | |
| Q1 2025 | -11.3% | +1.2% | -5.9% | |
| Q4 2024 | -6.1% | +4.2% | -8.9% | |
| Q3 2024 | +22.7% | +13.8% | +4.2% | |
| Q2 2024 | +1.0% | +3.2% | +7.7% | |
| Q1 2024 | — | — | — | |
| Q4 2023 | — | — | — | |
| Q3 2023 | — | — | — | |
| Q2 2023 | — | — | — | |
| Q1 2023 | — | — | — | |
| Q4 2022 | — | — | — |
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