Aug. 19--In its last earnings report before it splits into two companies, Cardinal Health yesterday reported higher revenue but a drop in earnings. Still, a higher earnings outlook for the post-spinoff Cardinal gave the company's shares a boost.

The Dublin-based health-care-services company posted earnings of $267.5 million, or 74 cents per share, on revenue of $25.2 billion. The profit figure was down 15 percent from the year-ago quarter, but revenue was up 10 percent.

Results included 12 cents per share in one-time costs, most associated with the planned spinoff of the CareFusion medical-products unit, which is expected to take effect after the close of trading on Aug. 31.

R. Kerry Clark, who plans to step down as chairman and chief executive of Cardinal after the spinoff, said he's confident that "both Cardinal Health and CareFusion have solid foundations and initiatives in place to position themselves for long-term success."

George Barrett, who will take over for Clark upon his departure, thanked Clark for his leadership since coming to Cardinal from Procter & Gamble in 2006.

The company boosted its earnings projection for fiscal 2010 for the "new" Cardinal Health, minus the CareFusion business. Cardinal now expects full-year earnings of between $1.90 and $2 per share, up from the previous range of $1.87 to $1.91.

Research-and-development spending, higher costs and the absence of a one-time tax benefit are expected to bring down CareFusion earnings to the $1.10 to $1.20 range, compared with $1.54 for CareFusion if it had been a stand-alone company in fiscal 2009.

Cardinal shares rose 85 cents, or 2.6 percent, to close at $34.21 on the New York Stock Exchange.

mrose@dispatch.com

A higher earnings outlook boosted the company's share price yesterday.

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