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 days
Source: FactSet
— Reuters contributed to this report.
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