CareFusion Corp. on Tuesday said its profit dropped sharply in its fiscal second quarter, due in part to charges related to its spinoff from Cardinal Health.
In the period ended Dec. 31 — CareFusion's second quarter as a stand-alone company — CareFusion earned $70 million, or 32 cents per share. That's down from $188 million, or 85 cents per share, in the same quarter of the prior year, when it was still part of Cardinal Health.
Excluding the various one-time items, CareFusion earned 38 cents per share.
Revenue increased from $969 million to $1.02 billion driven by improved sales in the company's respiratory business and medical technology.
Analysts polled by Thomson Reuters expected the company to earn 38 cents per share on revenue of $983.5 million. Analyst estimates typically exclude one-time items.
CareFusion also narrowed its forecast for fiscal 2010, saying it now expects to earn between $1.40 and $1.45 per share after adjusting for some one-time items, compared with its previous forecast of $1.35 to $1.45 per share.
Analysts predict income of $1.47 per share in the fiscal year.
Shares of CareFusion added 41 cents to close at $26.25.