Net sales of Industrial Activities of $4,180 million, up 13% mainly due to favorable price realization.
Adjusted EBIT of Industrial Activities of $429 million ($393 million in Q1 2021), with both segments up year over year. Agriculture adjusted EBIT margin above 12% and Construction at 4%.
Adjusted net income of $378 million, with adjusted diluted earnings per share of $0.28 (adjusted net income of $352 million in Q1 2021, with adjusted diluted earnings per share of $0.26). Adjusted net income in March 2022 excludes, among other items, $71 million related to asset write-downs, financial receivable allowances and valuation allowances on deferred tax assets as a result of the suspension of operations in Russia.
Adjusted gross profit margin of Industrial Activities of 22.2%, up 0.6% from Q1 2021 primarily due to better mix and favorable price realization in Agriculture.
Reported income tax expense of $159 million and adjusted income tax expense(1) of $138 million, with adjusted effective tax rate (adjusted ETR(1)) of 28%, which reflects jurisdictional mix of pre-tax results and net discrete tax charges.
Free cash flow of Industrial Activities was negative $1.1 billion as a result of higher than historical seasonal working capital cash absorption primarily due to supply chain disruptions. Total Debt of $21.3 billion at March 31, 2022 ($20.9 billion at December 31, 2021).
Industrial Activities net debt(1) position at $2.1 billion, an increase of $960 million from December 31, 2021.
Available liquidity at $9,399 million as of March 31, 2022.
London, May 3, 2022