Shares of Australia’s NRW Holdings (ASX:NWH) experience a fall as much as 12% to A$2.410, marking their most significant intraday percentage drop since February 16.

The stock has reached its lowest point since June 29.

The mining services provider announced their annual statutory earnings of A$85.6 million, dropping from A$90.2 million in FY22.

Meanwhile, financial services company, Jefferies, is positively gesturing towards the company’s outlook, stating that it undoubtedly provides the notion for improved earnings visibility.

NRW Holdings provides a forecast for FY24 operating EBITA of A$175 million-A$185 million, contrasting with Jefferies' estimates of A$180 million.

As of its last close, the stock is down by 2.5% this year.

NRW Holdings is an Australian mining services provider.