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- Solid Q1 ongoing EPS of $5.31, fundamentally stronger than pre-pandemic levels
- Q1 cost inflation of over $400M
- EBIT margin above 9%, with NAR sustaining very strong margins of over 16%
- Actions in place to deliver strong second half of 2022
- Increased cost inflation expectations by $600M (225 bps) to $1.8B (825 bps)
- Additional price increases announced, raising full-year price/mix expectations to 725 bps
- Revising full-year ongoing EPS(1) guidance from $27.00 – $29.00 to $24.00 – $26.00 due to unprecedented industry wide inflation levels and timing of previously announced price increases
- Robust balance sheet and strong cash generation expectations
- Increased capital expenditures and on track to return over $1.5B to shareholders.
- Initiating EMEA strategic review and further focusing portfolio on high growth and high margin businesses
