Chief Financial Officer at Whirlpool
Thanks, Joe, and good morning everyone. Now turning to slide 14, I'll review our perspective on the external environment and what actions we have in place to exit the year with a strong second half. First, let us address market concerns and misconceptions about demand. Underlying consumer demand remains strong. Even with the impact from continued supply constraints and disruptions alongside the spillover effects stemming from greater geopolitical events. We remain very confident that the fundamental strength of consumer demand trends will remain intact over multiple years with the reorientation towards the home and hybrid work models the underlying demand strength is here to stay.
This is supported as post reopening we continue to see consumers using their appliances at sustained and much higher rates. Next historic levels of inflation, notably in raw materials, energy, and logistics will impact us throughout the year. However our previously announced pricing actions are on track and position us to fully offset cost inflation, as we exit the year. Disruptions continued to impact the supply chain and inventories remain at low levels, but again, we have taken action announcing over $200 million in refrigeration projects, built-in cooking investments driving automation, capacity, and innovation; increased capacity and dishwashers to support the strong demand for our products.
In total, we expect to increase our capital investments by 30% year-over-year. We have the right actions in place and are confident in the underlying consumer demand strength. Now on slide 15. I'll discuss our full-year 2022 guidance. We have revised our 2022 full-year guidance to reflect the increased inflation we expect to absorb alongside the industry disruptions that we experienced in the first quarter. We now expect 2% to 3% revenue growth and ongoing EBIT margins of approximately 9.5% for the year.
Next, we expect free cash flow of $1.25 billion or 5.5% of net sales. This represents a full year EPS range of $24 to $26. Turning to Slide 16, we show the drivers of our full-year ongoing EBIT margin guidance. We now expect to deliver 725 basis points of price mix, an increase of 125 basis points, led by additional price increases that have already been announced. Next, we expect net cost takeout to negatively impact margin by 100 basis points, a 50 basis point increase, largely driven by increased logistic and energy costs, partially offset by our ongoing cost reduction initiatives. We now expect our business to be negatively impacted by $1.5 billion to $1.75 billion or 725 basis points in raw material inflation. This is an increase of 225 basis points, led by higher resin and component cost.
On a full year basis, raw material inflation is fully offset by our price mix actions. Next, as we continue to invest in our business. We expect increased investments of 25 basis points in marketing and technology and we no longer expect a negative impact from currency. We expect to deliver 55% to 60% of our earnings in the second half as we exit the year with our actions fully in place. We are confident in our ability to again navigate a supply constraint and inflationary environment and deliver approximately 9.5% ongoing EBIT margin. Turning to Slide 17, we show our regional guidance for the year.
We have aligned our global growth expectations to reflect the current consumer sentiment in EMEA along with supply constraints in North America. We expect the North America industry to be approximately flat on a full year basis, as the industry recovers in the second half of the year. We remain very confident in the fundamentals of the demand environment for North America, supported by broader home nesting trends and under-supplied housing market, and a strong replacement cycle. We remain equally confident in the strength of our business and its brands. In EMEA, we have reduced our growth expectations to negative 5% to negative 3%, as a result of the broader impact from the war in Ukraine.
This includes a significant demand reduction in Ukraine and Russia. Lastly, Latin America and Asia industry expectations remain unchanged from our previous guidance. Regarding our EBIT guidance, our expectation for North America to deliver very strong margins of approximately 16% remains unchanged. In EMEA, we expect margins to recover in the second half to low single digits, resulting in a full year margin of approximately 0%. On a full year basis, we expect our EMEA results to be impacted from our operations in Russia and Ukraine by approximately $300 million in revenue. In Latin America, we expect to deliver EBIT margins of approximately 7% as a positive price mix is partially offset by inflation.
Lastly, we expect to achieve EBIT margins of approximately 6% in Asia, driven by top-line growth, partially offset by inflation. Turning to Slide 18, we will discuss the drivers of our 2022 free cash flow. We have reduced our cash earnings expectation to approximately $2.2 billion due to the previously mentioned factors. Our capital investment expectations remain unchanged at $700 million as we continue to invest in our products and fund organic growth. These investments include unlocking capacity constraints, launching innovative products, and furthering our digital transformation journey.
We continue to plan for a moderate inventory build as we begin to recover our inventory position, particularly in the United States. We anticipate minimal cash outlays related to restructuring or post-integration activities as these have been largely completed. Overall, we expect to deliver free cash flow of $1.25 billion or approximately 5.5% of sales. Our balance sheet remains very healthy, and we expect this to continue in the future. Now let me recap what you've heard over the past few minutes.
Our first-quarter results demonstrate that we are a different Whirlpool, delivering structurally improved EBIT margins no matter the operating environment. We have the right actions in place to deliver a solid 2022, including our previously announced cost base price increases of 5% to 18% addressing inflation across the globe. Next, the strength in consumer demand trends remains unchanged. The strength of our balance sheet and our strong cash generation expectations provide us with significant optionality. We will continue to invest in the business to support accelerated growth and innovation while returning approximately $1.5 billion in cash to shareholders.
These actions demonstrate the confidence we have in our business and our commitment to drive strong shareholder value. Now on Slide 19, I will turn it over to Marc to discuss our portfolio transformation, including the strategic review of our EMEA business.