(RTTNews) - Health care products and services company Cardinal Health Inc. (CAH) is slated to report first-quarter results before the market opens Thursday, with analysts projecting earnings of $0.43 per share on revenues of $24.04 billion.

The company's first quarter results are likely to mirror the CareFusion spin-off, besides an expected strong performance at its Medical segment. Negative factors that might impact the quarterly results include unfavorable year-over-year comparison from generic launches and customer contract re-pricings.

While reporting fourth-quarter numbers, the company boosted its fiscal 2010 forecast for non-GAAP earnings from continuing operations to a range of $1.90 - $2.00 per share for 'new' Cardinal Health, from its prior outlook range of $1.87 - $1.91 per share. Revenue growth for 2010 is estimated to be in low single-digit.

The Dublin, Ohio-based company expects its Medical segment to contribute strong segment profit growth in fiscal 2010, which would be offset by an expected decline in Pharmaceutical segment profit, due to business investments, unfavorable year-over-year comparison from generic launches and customer contract repricings.

The company also issued profit forecast for CareFusion. Adjusted earnings per share for fiscal 2010 are expected to be between $1.10 and $1.20, compared to fiscal 2009 pro forma adjusted earnings of $1.54 per share. CareFusion expects mid single-digit revenue growth, compared to fiscal 2009 pro forma revenue of $3.7 billion.

The CEO George Barrett, said, "The progress we made in fiscal 2009 reinforces our belief that the company's core businesses are strong and the investments we are making in fiscal 2010 will create a more positive and sustainable longer-term growth trajectory."

Cardinal Health, the second-largest U.S. drug distributor, is on a spinoff spree, selling off several assets after deciding to focus on its medical products distribution and services business. Earlier in September, Cardinal Health said it has completed the spinoff of its clinical and medical products division CareFusion Corp. as a separate public company.

In mid-August, the company made a cash tender offer to purchase up to $1.2 billion of its long-term debt securities. The move is part of a previously announced plan to reduce the company's debts using proceeds from the spinoff of CareFusion, receiving a cash distribution in the amount of about $1.4 billion.

Cardinal Health has also put up its U.K.-based subsidiary Martindale Pharmaceuticals for sale that attracted interests from several private equity groups, according to media reports.

In the previous quarter, the company reported lower profit of $272.2 million or $0.75 per share, compared to $318.0 million or $0.88 per share reported in the corresponding quarter a year ago. Revenue for the quarter grew 10% to $25.20 billion from $22.89 billion in the previous year.

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