Overview

* LandBridge ( LB ) Q3 revenue grows 78% yr/yr but misses analyst expectations

* Adjusted EBITDA for Q3 rises 79% yr/yr but misses analyst estimates

* Company acquired about 37,500 acres, expanding holdings to over 300,000 surface acres

Outlook

* Company reaffirms FY 2025 Adjusted EBITDA between $165 mln and $175 mln

Result Drivers

* ACQUISITIONS - Acquisition of 37,500 acres expanded holdings and enhanced ability to meet demand for produced water handling and alternative energy development

* DIVERSIFIED REVENUE STREAMS - Revenue growth supported by increases in surface use royalties and oil and gas royalties

* ASSET-LIGHT MODEL - High margins and efficient capital use attributed to asset-light business model

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $50.80 $51.81

Revenue mln mln (6

Analysts

)

Q3 Net $20.30

Income mln

Q3 Miss $44.90 $46.44

Adjusted mln mln (6

EBITDA Analysts

)

Q3 88%

Adjusted

EBITDA

Margin

Q3 Free $33.70

Cash mln

Flow

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for LandBridge Co LLC ( LB ) is $70.50, about 15.6% below its November 12 closing price of $81.51

* The stock recently traded at 44 times the next 12-month earnings vs. a P/E of 29 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)