Additionally, shares of oil services company, Core Laboratories NV (CLB, Financial) advanced in the period on solid top and bottom-line results and a subsequent increase in full year guidance. These results were driven by steady activity in the U.S. and an uptick in international markets, illustrating the operational leverage within its global, asset-light business model. CLB also continues to pay down debt with free cash flow generation. The ongoing geopolitical conflict between Russia and Ukraine, as well as associated European and U.S. sanctions, continue to disrupt the business and create near-term uncertainty, however CLB is seeing progress in both onshore and offshore activity across its global operations. We have conviction in the management team’s long history of delivering strong operating results, robust free cash flow and returning capital to shareholders.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2022 commentary.
