Procter & Gamble Earnings Preview

Dow component Procter & Gamble (NYSE: PG), the world's largest maker of consumer products, reports fiscal second-quarter results before the bell today and analysts are expecting a profit of $1.08 on revenue of $22.19 billion. EPS estimates range from $1.03 to $1.11 while revenue estimates range from $21.71 billion to $22.63 billion. A year earlier, the company earned $1.13 on sales of $21.35 billion. The consensus EPS estimate was $1.16 90 days ago and $1.09 a week ago.On Thursday, P&G's bitter rival Colgate-Palmolive (NYSE: CL) said margins decreased for a fifth straight quarter so this will be an issue to watch with P&G as well. Morgan Stanley recently downgraded P&G citing valuation and expectations that were too high.Investors will also be listening for an update, if any is given at all, regarding P&G's attempted sale of the Pringle's potato chip business to embattled Diamond Foods (Nasdaq: DMND). Benzinga has previously reported P&G would like to sell ultimately sell the snack brand to troubled Diamond, but that the company may be also be evaluating alternatives to Diamond. P&G's volume growth and market share performance will also be worth noting as the former has been slumping and higher prices can only do so much to make up for lost share. The company's efforts regarding higher input commodity and energy costs should also be a factor on investors' minds.The dividend: P&G currently yields 3.2% and has a dividend increase streak that is now well over five decades. If the company doesn't announce a higher dividend today, it will at some point this year and probably in the first half.