I wouldn't recommend Carnation Milk for a cat.

There are better alternatives:

Whiskas Cat Milk

Cat Sip


They are actually fine with just water and it's best for them.

As for the barfing, he is more correctly regurgitating food.

This means the food is not hitting the stomach and being digested.
Try raising his food bowl to a level that is neck high. Place the bowl on a box, or something.
This helps cats that regurgitate due to problems with the esophogus.
If there is fur in the vomit, it is normal for cats to pass the fur through vomit, since they can't pass it through the stool.

The frequency of vomiting can be from rarely, like once a year, to daily in some cats.