CSX Corp (CSX) Set To Report Another Strong Quarter

Shares of CSX Corporation (NYSE: CSX) are up fractionally ahead of Q1 earnings due after the close. Analysts are expecting the rail company to report EPS of $0.74 and revenues of $2.63 billion, which is roughly in-line with the raised guidance from the company in March.

Shares of CSX are trading just below 52-week highs as the company has shown an amazing ability to print money, benefiting from increased shipping demand for agricultural products. CSX is looking for 2008 EPS growth of 24% to 31%.

The company has also been returning to shareholders. The company recently raised its buyback plan by $2.4 billion and boosted its quarterly dividend by 20% to $0.18 per common share.

Despite strong earnings and giving back to shareholders, CSX has found itself the target of activist investor The Children's Investment Fund. The activist investor group is looking for 5 seats on the company's board of directors. Another major activist, Carl Icahn, is also involved in the stock. [LJ]

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