Cardinal Health

(CAH) - Get Report

was grounded once again Monday after the struggling health care supplier laid out plans to cut 4,200 jobs.

The Dublin, Ohio, company said it expects earnings for the first half to fall 15%, excluding restructuring charges. Cardinal expects to take charges of between $230 million and $270 million, including some $75 million in impaired asset writedowns.

"We are bringing the company together by integrating externally to align our businesses for customers and internally to become even more efficient," said CEO Robert D. Walter. "Both actions -- integrating externally and integrating internally -- will help us deliver even more value to customers and improve returns to shareholders."

Cardinal hopes to turn it around in the second half of 2005, forecasting "full-year earnings-per-share growth in the low single digits, excluding special items and non-recurring charges." Still, that's below the company's previously stated goal of at least 10% EPS growth for fiscal 2005.

Cardinal said the restructuring would boost operating earnings by $500 million. The company also set up a $500 million stock buyback program.

The past year has been full of turmoil for the drug distributor. In September, the company set plans to restate past financial reports covering nearly four years, while trimming earnings guidance.

Cardinal also delayed the filing of its latest annual report in September. It first postponed the filing in July, a rocky month that also brought an earnings warning and the departure of the company's CFO. Together, these events cut Cardinal's share price by more than one-third.

Early Monday, Cardinal fell $2 to $54.76.