NEW YORK (TheStreet) -- Shares of Akorn (AKRX) - Get Akorn, Inc. Report are up 10.31% to $48.36 in afternoon trading today after the company filed its 2014 annual report after the closing bell yesterday after requesting an extension. It restated results for the second and third quarter of last year.

The company reported 2014 adjusted non-GAAP diluted net income of $1.11 on adjusted non-GAAP revenue of $644.31 million. Analysts had expected earnings of $1.02 on revenue of $596 million, according to the average of 11 analysts' estimates compiled by Bloomberg.

The late filing and restatement was requested after encountering an error during the year-end audit process. The error was identified in the fair value allocation of assets acquired and liabilities assumed in connection with the acquisition of Hi-Tech Pharmacal Co. (HITK) , which resulted in an overstated charge back reserve as of April 17, 2014.

An error in the manual reconciliation of charge back reserve data for one of the company's customers resulted in a duplication and overstatement of the charge back reserve of approximately $8.9 million for the company's opening balance sheet of Hi-Tech.

The company said that only the 2014 second quarter ended June 30 was affected by the error and restated that earnings consequently decreased to 20 cents from 25 cents. Revenue decreased to $141.896 million from $150.749 million. Analysts expected earnings of 20 cents on revenue of $145 million.

The 2014 quarters ending March 31, September 30 and preliminary results for the three months ended December 31 were not affected, all of which beat or met the average of analysts' estimates compiled by Reuters.

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Akorn's 2015 guidance, furnished as part of the company's Form 8-K on February 26 remains unchanged, the company noted. That guidance calls for adjusted non-GAAP adjusted diluted EPS between $1.88 and $1.98 on revenue between $960 million and $980 million.

Consensus estimates are for earnings of $1.97 on revenue of $970.15 million.

Akorn is a Lake Forest, IL-based manufacturer and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals, as well as hospital drugs and injectable pharmaceuticals. 

Separately, TheStreet Ratings team rates AKORN INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate AKORN INC (AKRX) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity." You can view the full analysis from the report here: AKRX Ratings Report

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