The first-quarter 2016 earnings season or the quarter ended Mar 31, 2016, is well underway. The interest of investors at this time mainly hovers around the performance of companies in comparison to Street estimates. Stocks of companies that meet or beat expectations are rewarded with surging prices while the ones that miss see falling share price. No matter whether the results are good or bad, the reporting period keeps investors busy in rebalancing their portfolios.As of Friday, Apr 22, 132 S&P 500 members – that combined account for 37.3% of the index’s total market capitalization – reported first-quarter results. Total earnings for these index members are down -7.9% from the same period last year on -1.1% lower revenues, with 77.3% beating EPS estimates and 56.1% beating revenue estimates. The percentage of companies that have been able to beat both EPS and revenue estimates is tracking 48.5% at this stage.The trend thus far reveals a favorable development with more of positive earnings and revenue surprises and fewer negative revisions to current-quarter estimates.In the week ahead, more than 900 companies are expected to report earnings, including 183 S&P 500 members. By the end of this week, we expect to have results from more than 60% of the index’s total membership on our list.A more detailed analysis of the earnings season so far and the expectations for the rest of the season are available in the ‘Earnings Trend’ report.Of the earnings to be reported, we will see the first two reports from the Soap & Cleaning Preparants industry. First, The Procter & Gamble Company PG is slated to report third-quarter fiscal 2016 results on Apr 26, before the market opens. Then, Colgate-Palmolive Co. CL, will release first-quarter 2016 results on Apr 28.We expect Procter & Gamble to beat expectations when it reports earnings this quarter as it has an Earnings ESP of +1.24% and carries a Zacks Rank #3 (Hold). P&G has been focused on improving its top line by increasing investments, which in turn improved organic sales trends in the prior quarter. Management is optimistic of witnessing organic sales growth in the fiscal third and the fourth quarters through premium innovations, increased selling capabilities in the major markets, and targeted price reductions to narrow consumer value gaps. (Read more: Will Procter & Gamble Beat on Q3 Earnings Estimates?) Coming to Colgate, we are unsure whether this manufacturer and seller of consumer products globally will be able to post a positive earnings surprise in the quarter to be reported. The company’s past performance reveals that it surpassed the Zacks Consensus Estimate in the final quarter of 2015, after posting in-line earnings and a negative earnings surprise in the third and second quarters, respectively. The primary concerns are macroeconomic headwinds and lingering currency woes. Though the company carries a Zacks Rank #3, our criteria of earnings beat has been let down by an Earnings ESP of 0.00%.(Read more: Colgate Q1 Earnings: Will Currency Woes Hurt Again?) We won’t be surprised if some of the companies deliver positive earnings surprises, as the estimates have become too conservative. So, do check back on our full write-up on earnings releases of these stocks.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PROCTER & GAMBL (PG): Free Stock Analysis Report COLGATE PALMOLI (CL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research