By Cliff Peale
The Cincinnati Enquirer

Investors expect continued healthy results from Procter & Gamble Co. when it announces second-quarter earnings this morning.

P&G's big brands continue to grow, and cost cutting within the organization has led to several straight quarters of exceeding Wall Street expectations. That has given P&G credibility among analysts, said Doug Christopher of Crowell, Weedon & Co. in Los Angeles.

"We just expect the same solid stuff," he said. "We think A.G. Lafley is executing right. He's laid down a good strategy. ... If anyone is denying that, they're not looking at the facts."

For the first quarter ended Sept. 30, P&G earned $1.46 billion, or $1.04 a share, on sales of $10.8 billion. Analysts are expecting earnings of about $1.12 a share for the second quarter, according to those surveyed by Zacks Investment Research.

P&G has said profits should increase by close to 10 percent compared to the same period a year ago. Those sales and profits will come from continued growth in big brands such as Tide and Pampers, and new products such as the new Crest Night Effects, a nighttime tooth whitener that should hit store shelves in March.

In another symbol of its financial strength, P&G in December said it would stop recording one-time restructur-ing charges against its earnings when the fiscal year ends June 30, and instead integrate those charges into normal operations.

E-mail cpeale@enquirer.com

Check the announcement at pg.com