Hain Celestial slides on accounting review, outlook

Shares of Hain Celestial slid more than 25% Tuesday after the company said it would delay releasing its latest quarterly financial report due to an accounting review and that it would miss guidance.

The Lake Success, NY-based seller of organic and natural products including Terra chips and Ella's Kitchen baby food, said late Monday that it will file for a 15-day extension with the Securities and Exchange Commission, but even with the extension "there can be no assurance" that it will complete the filing within the extension period.

Hain said it identified concessions that were granted to certain distributors in the U.S and that it is evaluating whether the related revenue was accounted for in the correct period. Hain also said it is looking into its internal financial reporting controls.

The food company also revealed that it does not expect to reach its previously stated guidance for fiscal year 2016.

Prior to the announcement it had expected net sales for the year of $2.95 billion to $2.96 billion, or an increase of 9% to 10% over the previous fiscal year. Fourth quarter sales were expected to be between $756 million to $776 million, up 8% to 11%.

Earnings per share were forecast to be between $2.00 and $2.04 for the fiscal year and 57 cents to 61 cents for the fourth quarter.

The company's stock (HAIN) was down more than 27% in morning trading Tuesday to $38.90.

Follow Eli Blumenthal on Twitter @eliblumenthal