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Matson shares sink post earnings, drags down transports

Shares of Matson shed more than 12 percent Thursday, dragging the Dow Jones Transports index about 0.5 percent lower.

On Wednesday, the firm reported first-quarter earnings per share of 41 cents on revenue of $454.2 million. Analysts polled by Reuters expected Matson to post earnings of 42 cents on revenue of $489.8 million.

"Market conditions in the China trade have deteriorated further in 2016 as international ocean carriers have continued to lower rates in an attempt to attract cargo in this heavily over-supplied trade lane," CEO Matthew Cox said in a statement.

The company also lowered its full-year earnings guidance to a range of $1.95-$2.10 from $2.40-2.50.

MATX in the past 5 daysSource: FactSet

— Reuters contributed to this report.