All told, 1Q22 was a decent quarter: sales of $13.6B (+14% YoY) and GAAP EPS of $2.86 (+3% YoY) exceeded consensus expectations; however, sales in China were down ~50% YoY due to the COVID lockdowns there.
CAT was able to capture 85-90% of its cost-of-goods inflation through price increases during 1Q22, and it expects to capture >=100% for the full year.
CAT is not providing sales or EPS guidance for 2022.
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