Why is the Emeco Holdings Limited (ASX:EHL) share price tanking today?

Shareholders watching mining equipment and business company Emeco Holdings Limited’s (ASX: EHL) share price this Monday must have somewhat of a sinking feeling.

Emeco’s share price has fallen 7.1% to 29c per share in morning trade alone, with nothing specific on the register indicating a solid reason behind the drop.

In fact, Emeco’s recently released annual report revealed a return to profitability for FY18, with a positive NPAT for the first year since FY13.

Emeco’s operating EBITDA increased to $153 million in FY18 – up 83.2% on FY17 – as a result of the acquisition of Force Equipment, increased operating utilisation of the rental fleet and improvements in rental rates on new and renewed contracts.

But Emeco is not alone as a share price faller in the sector today, with the Ausdrill Limited  (ASX: ASL) share price also down 3.1% to $1.46 at the time of writing while NRW Holdings Limited’s (ASX: NWH) share price also dropped down 4.1% to $1.87 in morning trade.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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