“We remain confident in our ability to deliver on our cash flow goals for the full year.”

In context

“er-facing marketing to maximize returns while driving productivity in our operating costs leading to leverage in the P&L. Comparable operating margin expanded by approximately 50 basis points despite acquisition and currency headwinds. First quarter comparable EPS of $0.64 grew 16% year-over-year. This was driven by strong top line growth which benefited from the timing of concentrate shipments and operating margin improvements, partially offset by currency and cost headwinds. On the cash flow front, we delivered free cash flow of approximately $400 million in the first quarter as our strong business performance was more than offset primarily by 2 items: one, cycling the timing of working capital benefits in the prior year; and two, higher 2021 annual incentives paid in the first quarter. We remain confident in our ability to deliver on our cash flow goals for the full year. Our balance sheet continues to be strong, with net debt leverage within our targeted range of 2x to 2.5x. As James mentioned, much has happened since we last gave guidance in February. The conflict in Ukraine has created further volatility in the world as well as added to the inflationary backdrop and impacted the currency market. The resurgence of COVID in China and some other geographies around the world is a clear indication that the pandemic is still very much a part of the conversation, and a reminder that the recovery path has been and will continue to be asynchronous. Obviously, there are lots of puts and takes at play, and we see a number of potential futures coming at us. But notwithstanding this backdrop, we believe our organization is better prepared today, and we're confident”