CSX (CSX) Shares Chugging Higher as Q2 Results Surprise to the Upside

Shares of CSX Corp. (NYSE: CSX) have popped in this afternoon's trading session following better-than-expected Q2 results from the railroad company. The stock most recently traded at $33.61, up about 3% from Friday's closing price.

CSX reported non-GAAP EPS of $0.72 for the quarter, a 24% decline from the same quarter last year, but 10 cents better than the $0.62 Wall Street analysts had been expecting. Sales came in down 25% to $2.2 billion.

Michael Wards, CSX's President, Chairman and CEO, said "While the economy continues to significantly impact our business, there are some signs that we may be seeing the bottom in many markets. Even in this difficult business environment, we are still strengthening our operations, optimizing our resources and making the right investments to prepare our network for the future."

UPDATE: Click here to see some highlights from the company's Q2 conference call.

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