L Brands, Inc. (NYSE: LB) today reported 2018 fourth quarter and
full-year results.
Fourth Quarter ResultsEarnings
per share for the 13-week fourth quarter ended Feb. 2, 2019, were
$1.94 compared to $2.33 for the 14-week quarter ended Feb. 3,
2018. Thirteen-week fourth quarter operating income was
$799.4 million compared to $986.6 million for the 14-week period
last year, and 13-week net income was $540.1 million compared to
$664.1 million for the 14-week period last year.
Reported results above include certain
significant items as follows:
In 2018:
- A pre-tax charge, principally
non-cash, related to the sale of La Senza of $99.2 million, or
$0.20 per share.
In 2017 (totaling to a net benefit of $0.22 per
share):
- A pre-tax charge of $45.0 million, or $0.10 per share, related
to a loss on the early extinguishment of debt;
- A tax benefit of $92.2 million, or $0.32 per share, related to
new U.S. tax legislation.
Excluding these items, adjusted 13-week fourth
quarter operating income was $898.7 million compared to $986.6
million for the 14-week period last year; 13-week net income was
$595.2 million compared to $600.6 million for the 14-week period
last year; and 13-week adjusted earnings per share were $2.14
compared to $2.11 for the 14-week period last year.
Net sales were $4.852 billion for the 13-week
fourth quarter ended Feb. 2, 2019, compared to $4.823 billion for
the 14 weeks ended Feb. 3, 2018. Comparable sales for the
13-week fourth quarter ended Feb. 2, 2019, increased 3 percent
compared to the 13 weeks ended Feb. 3, 2018.
Full-Year ResultsEarnings per
share for the 52-week year ended Feb. 2, 2019, were $2.31 compared
to $3.42 for the 53-week year ended Feb. 3, 2018. Fifty-two week
full-year operating income was $1.237 billion compared to $1.728
billion for the 53-week period last year, and 52-week net income
was $643.9 million compared to $983.0 million for the 53-week
period last year.
Excluding significant items, adjusted 52-week
full-year earnings per share were $2.82 compared to $3.20 for the
53-week period last year; 52-week adjusted operating income was
$1.437 billion compared to $1.728 billion for the 53-week period
last year; and 52-week adjusted net income was $786.7 million
compared to $919.5 million for the 53-week period last
year.
At the conclusion of this press release is a
reconciliation of reported-to-adjusted results, including a
description of the significant items.
Net sales were $13.237 billion for the 52-week
year ended Feb. 2, 2019, compared to $12.632 billion for the 53
weeks ended Feb. 3, 2018. Comparable sales for the 52 weeks ended
Feb. 2, 2019, increased 3 percent compared to the 52 weeks ended
Feb. 3, 2018.
2019 OutlookThe company
currently expects 2019 full-year earnings per share to be between
$2.20 and $2.60, including an approximately breakeven earnings per
share result in the first quarter.
Earnings Call and Additional
InformationAdditional fourth quarter financial
information, including management commentary, is currently
available at www.LB.com. L Brands will conduct its fourth
quarter earnings call at 9:00 a.m. Eastern on Feb.
28. To listen, call 1-866-363-4673 (international dial-in
number: 1-973-200-3978); conference ID 3398756. For an audio
replay, call 1-855-859-2056 (international replay number:
1-404-537-3406); conference ID 3398756 or log
onto www.LB.com.
ABOUT L BRANDS:L Brands, through Victoria’s
Secret, PINK and Bath & Body Works, is an international
company. The company operates 2,943 company-owned specialty
stores in the United States, Canada, the United Kingdom and Greater
China, and its brands are also sold in more than 650 franchised
locations worldwide. The company’s products are also
available online at www.VictoriasSecret.com and
www.BathandBodyWorks.com.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995)
contained in this press release or the fourth quarter earnings call
or made by our company or our management involve risks and
uncertainties and are subject to change based on various factors,
many of which are beyond our control. Accordingly, our future
performance and financial results may differ materially from those
expressed or implied in any such forward-looking statements. Words
such as “estimate,” “project,” “plan,” “believe,” “expect,”
“anticipate,” “intend,” “planned,” “potential” and any similar
expressions may identify forward-looking statements. Risks
associated with the following factors, among others, in some cases
have affected and in the future could affect our financial
performance and actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements included in this press release or the
fourth quarter earnings call or otherwise made by our company or
our management:
- general economic conditions, consumer confidence, consumer
spending patterns and market disruptions including severe weather
conditions, natural disasters, health hazards, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
- the seasonality of our business;
- the dependence on mall traffic and the availability of suitable
store locations on appropriate terms;
- our ability to grow through new store openings and existing
store remodels and expansions;
- our ability to successfully expand internationally and related
risks;
- our independent franchise, license and wholesale partners;
- our direct channel businesses;
- our ability to protect our reputation and our brand
images;
- our ability to attract customers with marketing, advertising
and promotional programs;
- our ability to protect our trade names, trademarks and
patents;
- the highly competitive nature of the retail industry and the
segments in which we operate;
- consumer acceptance of our products and our ability to manage
the life cycle of our brands, keep up with fashion trends, develop
new merchandise and launch new product lines successfully;
- our ability to source, distribute and sell goods and materials
on a global basis, including risks related to:
-
- political instability, significant health hazards,
environmental hazards or natural disasters;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- potential delays or disruptions in shipping and transportation
and related pricing impacts;
- disruption due to labor disputes; and
- changing expectations regarding product safety due to new
legislation;
- our geographic concentration of vendor and distribution
facilities in central Ohio;
- fluctuations in foreign currency exchange rates;
- stock price volatility;
- our ability to pay dividends and related effects;
- our ability to maintain our credit rating;
- our ability to service or refinance our debt;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified associates
and manage labor-related costs;
- the ability of our vendors to deliver products in a timely
manner, meet quality standards and comply with applicable laws and
regulations;
- fluctuations in product input costs;
- our ability to adequately protect our assets from loss and
theft;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from our self-insurance;
- our ability to implement and maintain information technology
systems and to protect associated data;
- our ability to maintain the security of customer, associate,
third-party or company information;
- our ability to comply with regulatory requirements;
- legal and compliance matters; and
- tax, trade and other regulatory matters.
We are not under any obligation and do not intend to make
publicly available any update or other revisions to any of the
forward-looking statements contained in this press release or the
fourth quarter earnings call to reflect circumstances existing
after the date of this press release or to reflect the occurrence
of future events even if experience or future events make it clear
that any expected results expressed or implied by those
forward-looking statements will not be realized. Additional
information regarding these and other factors can be found in Item
1A. Risk Factors in our 2017 Annual Report on Form 10-K.
For further information, please
contact:
L Brands:Investor Relations
Media RelationsAmie Preston
Tammy Roberts Myers(614) 415-6704
(614)
415-7072apreston@lb.com
communications@lb.com
L BRANDSFOURTH QUARTER
2018
Comparable Sales Increase (Decrease) (Stores and
Direct):
|
|
Fourth Quarter2018 |
|
FourthQuarter2017 |
|
Year2018 |
|
Year2017 |
|
|
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
|
(3 |
%) |
|
(1 |
%) |
|
(2 |
%) |
|
(8 |
%) |
|
Bath & Body
Works1 |
|
12 |
% |
|
6 |
% |
|
11 |
% |
|
5 |
% |
|
L
Brands2 |
|
3 |
% |
|
2 |
% |
|
3 |
% |
|
(3 |
%) |
|
1 – Results include company-owned stores in the U.S. and Canada
and direct sales.2 – Results include company-owned stores in the
U.S., Canada, the U.K. and Greater China and direct sales.
Comparable Sales Increase (Decrease) (Stores
Only):
|
|
Fourth Quarter2018 |
|
FourthQuarter2017 |
|
Year2018 |
|
Year2017 |
|
|
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
|
(7 |
%) |
|
(6 |
%) |
|
(6 |
%) |
|
(8 |
%) |
|
Bath & Body
Works1 |
|
8 |
% |
|
4 |
% |
|
8 |
% |
|
2 |
% |
|
L
Brands2 |
|
(1 |
%) |
|
(2 |
%) |
|
(1 |
%) |
|
(4 |
%) |
|
1 – Results include company-owned stores in the U.S. and
Canada.2 – Results include company-owned stores in the U.S.,
Canada, the U.K. and Greater China.
Total Sales (Millions):
|
FourthQuarter 2018(13 weeks) |
|
FourthQuarter 2017(14 weeks) |
|
Year2018(52 weeks) |
|
Year2017(53 weeks) |
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
$ |
1,849.3 |
|
$ |
2,038.3 |
|
$ |
5,627.9 |
|
$ |
5,878.9 |
Victoria’s Secret
Direct |
|
682.5 |
|
|
630.6 |
|
|
1,747.0 |
|
|
1,508.3 |
Total Victoria’s
Secret |
$ |
2,531.8 |
|
$ |
2,668.9 |
|
$ |
7,374.9 |
|
$ |
7,387.2 |
Bath & Body
Works1 |
$ |
1,626.1 |
|
$ |
1,544.6 |
|
$ |
3,907.2 |
|
$ |
3,589.2 |
Bath & Body Works
Direct |
|
324.7 |
|
|
249.1 |
|
|
723.8 |
|
|
558.7 |
Total Bath &
Body Works |
$ |
1,950.8 |
|
$ |
1,793.7 |
|
$ |
4,631.0 |
|
$ |
4,147.9 |
VS & BBW
International2 |
$ |
190.7 |
|
$ |
170.3 |
|
$ |
605.3 |
|
$ |
502.4 |
Other |
$ |
179.0 |
|
$ |
190.2 |
|
$ |
625.7 |
|
$ |
594.9 |
L
Brands |
$ |
4,852.3 |
|
$ |
4,823.1 |
|
$ |
13,236.9 |
|
$ |
12,632.4 |
1 – Results include company-owned stores in the U.S. and
Canada.2 – Results include retail sales from company-owned stores
outside of the U.S. and Canada, royalties associated with
franchised stores and wholesale sales.
Total Company-Owned Stores:
|
|
Stores |
|
|
|
Stores |
|
|
Operating |
|
|
Operating |
|
|
at 2/3/18 |
Opened |
Closed |
Sold |
at 2/2/19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Victoria's Secret
U.S. |
|
984 |
2 |
(29 |
) |
- |
|
957 |
PINK U.S. |
|
140 |
1 |
- |
|
- |
|
141 |
Victoria's Secret
Canada |
|
39 |
- |
- |
|
- |
|
39 |
PINK Canada |
|
7 |
- |
(1 |
) |
- |
|
6 |
Total Victoria’s
Secret |
|
1,170 |
3 |
(30 |
) |
- |
|
1,143 |
|
|
|
|
|
|
|
Bath & Body Works
U.S. |
|
1,592 |
54 |
(27 |
) |
- |
|
1,619 |
Bath & Body Works
Canada |
|
102 |
1 |
(1 |
) |
- |
|
102 |
Total Bath &
Body Works |
|
1,694 |
55 |
(28 |
) |
- |
|
1,721 |
|
|
|
|
|
|
|
Victoria’s Secret
U.K./Ireland |
|
19 |
2 |
- |
|
- |
|
21 |
PINK U.K. |
|
5 |
- |
- |
|
- |
|
5 |
Victoria’s Secret Beauty
and Accessories |
|
29 |
13 |
(4 |
) |
- |
|
38 |
Victoria’s Secret
China |
|
7 |
8 |
- |
|
- |
|
15 |
Total
International |
|
60 |
23 |
(4 |
) |
- |
|
79 |
|
|
|
|
|
|
|
Henri Bendel |
|
27 |
- |
(27 |
) |
- |
|
- |
La Senza U.S.1 |
|
5 |
7 |
- |
|
(12 |
) |
- |
La Senza Canada1 |
|
119 |
- |
(1 |
) |
(118 |
) |
- |
Total L Brands
Stores |
|
3,075 |
88 |
(90 |
) |
(130 |
) |
2,943 |
1 – Business was sold to an affiliate of Regent LP on Jan. 6,
2019.
Total Noncompany-Owned Stores:
|
|
Stores |
|
|
|
Stores |
|
|
|
Operating |
|
Operating |
|
|
|
at 2/3/18 |
Opened |
Closed |
Sold |
At 2/2/19 |
|
|
|
|
|
|
|
|
|
Victoria’s Secret Beauty
& Accessories – Travel Retail |
|
156 |
26 |
(18 |
) |
- |
|
164 |
|
Bath & Body Works –
Travel Retail |
|
9 |
5 |
(2 |
) |
- |
|
12 |
|
Victoria’s Secret Beauty
& Accessories |
|
241 |
6 |
(28 |
) |
- |
|
219 |
|
Victoria’s Secret |
|
32 |
15 |
- |
|
- |
|
47 |
|
PINK |
|
5 |
4 |
- |
|
- |
|
9 |
|
Bath & Body Works |
|
176 |
51 |
(4 |
) |
- |
|
223 |
|
La Senza1 |
|
194 |
2 |
(17 |
) |
(179 |
) |
- |
|
Total |
|
813 |
109 |
(69 |
) |
(179 |
) |
674 |
|
|
|
|
|
|
|
|
1 – Business was sold to an affiliate of Regent LP on Jan. 6,
2019.
|
|
|
|
|
|
|
L BRANDS, INC. AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF
INCOME |
|
THIRTEEN WEEKS ENDED FEBRUARY 2, 2019 AND
FOURTEEN WEEKS ENDED FEBRUARY 3, 2018 |
|
(Unaudited) |
|
(In thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
Net Sales |
$ |
4,852,309 |
|
|
$ |
4,823,105 |
|
|
|
Costs of Goods Sold, Buying and Occupancy |
|
(2,884,629 |
) |
|
|
(2,782,769 |
) |
|
|
Gross Profit |
|
1,967,680 |
|
|
|
2,040,336 |
|
|
|
General,
Administrative and Store Operating Expenses |
|
(1,068,990 |
) |
|
|
(1,053,697 |
) |
|
|
Loss on
Divestiture of La Senza |
|
(99,242 |
) |
|
|
- |
|
|
|
Operating Income |
|
799,448 |
|
|
|
986,639 |
|
|
|
Interest Expense |
|
(92,812 |
) |
|
|
(106,313 |
) |
|
|
Other Income (Loss) |
|
4,390 |
|
|
|
(38,146 |
) |
|
|
|
|
|
|
|
|
|
Income
Before Income Taxes |
|
711,026 |
|
|
|
842,180 |
|
|
|
Provision for Income Taxes |
|
170,944 |
|
|
|
178,108 |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
540,082 |
|
|
$ |
664,072 |
|
|
|
|
|
|
|
|
|
|
Net Income Per Diluted Share |
$ |
1.94 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding |
|
277,935 |
|
|
|
284,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L BRANDS, INC. AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF
INCOME |
|
FIFTY-TWO WEEKS ENDED FEBRUARY 2, 2019 AND
FIFTY-THREE WEEKS ENDED FEBRUARY 3, 2018 |
|
(Unaudited) |
|
(In thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
Net Sales |
$ |
13,236,878 |
|
|
$ |
12,632,431 |
|
|
Costs of Goods Sold, Buying and Occupancy |
|
(8,338,071 |
) |
|
|
(7,673,007 |
) |
|
Gross Profit |
|
4,898,807 |
|
|
|
4,959,424 |
|
|
General,
Administrative and Store Operating Expenses |
|
(3,562,778 |
) |
|
|
(3,231,035 |
) |
|
Loss on
Divestiture of La Senza |
|
(99,242 |
) |
|
|
- |
|
|
Operating Income |
|
1,236,787 |
|
|
|
1,728,389 |
|
|
Interest Expense |
|
(384,728 |
) |
|
|
(405,988 |
) |
|
Other Income (Loss) |
|
5,124 |
|
|
|
(10,029 |
) |
|
|
|
|
|
|
|
Income
Before Income Taxes |
|
857,183 |
|
|
|
1,312,372 |
|
|
Provision for Income Taxes |
|
213,300 |
|
|
|
329,386 |
|
|
|
|
|
|
|
|
Net Income |
$ |
643,883 |
|
|
$ |
982,986 |
|
|
|
|
|
|
|
|
Net Income Per Diluted Share |
$ |
2.31 |
|
|
$ |
3.42 |
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding |
|
278,840 |
|
|
|
287,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L BRANDS, INC. AND SUBSIDIARIES |
|
|
ADJUSTED FINANCIAL INFORMATION |
|
|
(Unaudited) |
|
|
(In thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Year-to-Date |
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
Details of
Special Items - Income (Expense) |
|
|
|
|
|
|
|
|
|
|
Victoria's Secret Store
Asset Impairment |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(80,878 |
) |
|
$ |
- |
|
|
|
Henri Bendel Closure
Costs |
|
|
- |
|
|
|
- |
|
|
|
(20,310 |
) |
|
|
- |
|
|
|
Loss on Divestiture of
La Senza |
|
|
(99,242 |
) |
|
|
- |
|
|
|
(99,242 |
) |
|
|
- |
|
|
|
Special Items included
in Operating Income |
|
|
(99,242 |
) |
|
|
- |
|
|
|
(200,430 |
) |
|
|
- |
|
|
|
Loss on Extinguishment
of Debt |
|
|
- |
|
|
|
(44,985 |
) |
|
|
- |
|
|
|
(44,985 |
) |
|
|
Special Items included
in Other Income (Loss) |
|
|
- |
|
|
|
(44,985 |
) |
|
|
- |
|
|
|
(44,985 |
) |
|
|
Tax Benefit related to
Changes in U.S. Tax Legislation |
|
|
- |
|
|
|
92,221 |
|
|
|
- |
|
|
|
92,221 |
|
|
|
Tax Effect of Special
Items included in Operating Income and Other Income (Loss) |
|
|
44,117 |
|
|
|
16,225 |
|
|
|
57,580 |
|
|
|
16,225 |
|
|
|
Special Items included
in Net Income |
|
$ |
(55,125 |
) |
|
$ |
63,461 |
|
|
$ |
(142,850 |
) |
|
$ |
63,461 |
|
|
|
Special Items included
in Earnings Per Diluted Share |
|
$ |
(0.20 |
) |
|
$ |
0.22 |
|
|
$ |
(0.51 |
) |
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Reported Operating Income to Adjusted Operating
Income |
|
|
|
|
|
|
|
|
|
|
Reported Operating
Income |
|
$ |
799,448 |
|
|
$ |
986,639 |
|
|
$ |
1,236,787 |
|
|
$ |
1,728,389 |
|
|
|
Special Items included
in Operating Income |
|
|
99,242 |
|
|
|
- |
|
|
|
200,430 |
|
|
|
- |
|
|
|
Adjusted Operating
Income |
|
$ |
898,690 |
|
|
$ |
986,639 |
|
|
$ |
1,437,217 |
|
|
$ |
1,728,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Reported Net Income to Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
Reported Net
Income |
|
$ |
540,082 |
|
|
$ |
664,072 |
|
|
$ |
643,883 |
|
|
$ |
982,986 |
|
|
|
Special Items included
in Net Income |
|
|
55,125 |
|
|
|
(63,461 |
) |
|
|
142,850 |
|
|
|
(63,461 |
) |
|
|
Adjusted Net
Income |
|
$ |
595,207 |
|
|
$ |
600,611 |
|
|
$ |
786,733 |
|
|
$ |
919,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Reported Earnings Per Diluted Share to
Adjusted |
|
|
|
|
|
|
|
|
|
|
Earnings Per Diluted Share |
|
|
|
|
|
|
|
|
|
|
Reported Earnings Per
Diluted Share |
|
$ |
1.94 |
|
|
$ |
2.33 |
|
|
$ |
2.31 |
|
|
$ |
3.42 |
|
|
|
Special Items included
in Earnings Per Diluted Share |
|
|
0.20 |
|
|
|
(0.22 |
) |
|
|
0.51 |
|
|
|
(0.22 |
) |
|
|
Adjusted Earnings Per
Diluted Share |
|
$ |
2.14 |
|
|
$ |
2.11 |
|
|
$ |
2.82 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Reconciliation of GAAP Financial Measures
to Non-GAAP Financial Measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L BRANDS, INC. AND
SUBSIDIARIESNOTES TO RECONCILIATION OF
GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES(Unaudited)
The “Adjusted Financial Information” provided in the attached
reflects the following non-GAAP financial measures:
Fiscal 2018
In the fourth quarter of 2018, adjusted results exclude the
following:
- A $99.2 million ($55.1 million net of tax of $44.1 million)
loss on the sale of La Senza to an affiliate of Regent LP.
In the third quarter of 2018, adjusted results exclude the
following:
- An $80.9 million charge ($72.7 million net of tax of $8.2
million), included in buying and occupancy expenses, related to the
impairment of certain Victoria’s Secret store assets.
- $20.3 million ($15.0 million net of tax of $5.3 million) of
Henri Bendel closure costs, included in buying and occupancy
expenses ($13.8 million) and general, administrative and store
operating expenses ($6.5 million).
In the first and second quarter of 2018, there were no
adjustments to results.
Fiscal 2017
In the fourth quarter of 2017, adjusted results exclude the
following:
- A $45.0 million pre-tax loss ($28.8 million net of tax of $16.2
million), included in other income (loss), associated with the
early extinguishment of our June 2019 notes.
- A $92.2 million tax benefit related to changes in U.S. tax
legislation.
In the first, second and third quarters of 2017, there were no
adjustments to results.
The Adjusted Financial Information should not be construed as an
alternative to the reported results determined in accordance with
generally accepted accounting principles. Further, the
Company’s definition of adjusted income information may differ from
similarly titled measures used by other companies. Management
believes that the presentation of adjusted financial information
provides additional information to investors to facilitate the
comparison of past and present operations. While it is not
possible to predict future results, management believes the
adjusted information is useful for the assessment of the ongoing
operations of the Company because the adjusted items are not
indicative of our ongoing operations due to their size and nature.
Additionally, management uses adjusted financial information as key
performance measures of results of operations for the purpose of
evaluating performance internally. The Adjusted Financial
Information should be read in conjunction with the Company’s
historical financial statements and notes thereto contained in the
Company’s quarterly reports on Form 10-Q and annual report on Form
10-K.
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