Procter & Gamble said its earnings will improve.

President John G. Smale told shareholders at the annual meeting that net earnings for the first quarter ended Sept. 30 will be ahead of the year-earlier quarter’s $223 million. Smale characterized the last two years as a period of investment in new products and said the investment is now paying off in the diaper, toothpaste and laundry detergent segments. He added that the company’s recent $1.2-billion tender offer for Richardson-Vicks complements broad areas of interest--personal care and health-care products. At the meeting, shareholders approved anti-takeover measures, including staggered terms for directors.