Hain Celestial on Thursday said it has completed its accounting review and audit and found it needed no material changes to any of its previously reported financial statements.
Back in August, Hain delayed its fiscal 2016 results, missed full-year guidance and also announced potential accounting troubles stemming from revenue-recognition timing issues. The last time it reported financial results was back in May 2016.
“We have also implemented greater and more effective internal controls and enhanced oversight for our financial reporting and business units,” CEO Irwin Simon said in a statement.
The natural and organic products maker also released fourth-quarter and full-year earnings projections that fell short of analysts’ expectations.
Shares of the company remained flat in early morning trading Thursday.
Here’s the company’s guidance compared with what Wall Street expected:
- Q4 EPS: 40 to 43 cents vs. 54 cents expected, according to Thomson Reuters
- Q4 Revenue: $715 million to $735 million vs. $724.8 million expected, according to Thomson Reuters
Hain’s full-year forecast also missed estimates. The company forecast adjusted 2017 earnings of $1.19 to $1.22 a share, well short of consensus estimates of $1.94 a share. Revenue was projected at $284 billion to $286 billion, shy of the $2.906 billion expected.
Hain’s stock sank 27 percent on Aug. 16, 2016, when the accounting issues were disclosed. It has since fallen another 16 percent, and the company has disclosed it’s also the subject of a Securities and Exchange Commission investigation and is cooperating with the regulatory agency.
—CNBC’s Jeff Daniels contributed to this report.