CSX reports strong second quarter

CSX reports strong second quarter    Jacksonville-based CSX Corp. reported second quarter earnings of $324 million, down almost 17 percent from the same quarter a year ago, when the company's results were impacted by tax settlement and insurance payments related to Hurricane Katrina.
   Company officials noted second quarter earnings would be stronger than last year if it were not for the one-time gains.
   The report also noted CSX saw a 5 percent increase in revenues to $2.35 billion, even though overall rail volumes were down because of softness in the housing and automotive-related sectors of the economy.
   'CSX employees delivered another great quarter with record revenues, strong safety and service performances and increased productivity,' said Michael Ward, CSX chairman, president and chief executive officer. 'These results continue to reflect the renaissance in both our industry and our company.
   'We are pleased with the value we are creating for our shareholders on a sustained basis,' he added. 'In the three years ending June 30, the value of CSX stock nearly tripled from $16.39 to $45.08, placing our growth among the top 5 percent of all stocks in the S&P 500.'