LandBridge Co. LLC (LB) shares plummeted 5.30% during pre-market trading on Thursday, following the release of the company's first-quarter financial results.

The decline comes after LandBridge reported adjusted earnings of 37 cents per share for the quarter ended March 31, falling short of the mean analyst estimate of 45 cents per share. Revenue of $51.01 million also missed Wall Street expectations of $58.69 million, despite representing a 15.9% increase from the same period last year.

While the company showed year-over-year growth in both net income and revenue, the miss on key analyst estimates appears to be driving the negative market reaction. The earnings summary also noted that three analysts had negatively revised their earnings estimates in the 30 days leading up to the report.