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CSX CFO Discusses Financial Performance at Deutsche Bank Global Conference
JACKSONVILLE, Fla. - June 12, 2013 - CSX Executive Vice President and Chief Financial Officer Fredrik Eliasson today discussed the company's financial track record and long-term expectations with analysts at the Deutsche Bank Global Industrials and Basic Materials Conference in Chicago.
"We have sustained strong financial performance through challenging business conditions over the past five years, with consistent improvements in operating income, earnings per share and operating ratio," Eliasson told analysts.
As previously stated, the company expects earnings per share to be flat to slightly down from 2012 levels, with growth in the intermodal and merchandise businesses, which represents about 80 percent of the company's business, helping to offset declines in its coal market, which is in the second year of a two-year transition period.
Going forward, the company expects average annual earnings per share growth of 10 to 15 percent off of its 2013 base, and is targeting a high-60s operating ratio by 2015, with a continued focus on achieving a mid-60's operating ratio longer-term. Underscoring the company's confidence in driving long-term profitable growth, Eliasson also reiterated CSX's guidance in deploying cash for shareholders, including a shareholder dividend increase, a new billion-dollar share repurchase program over 24 months, and capital investment of $2.3 billion this year.
In addition to his Deutsche Bank discussion, Eliasson recently appeared on the "Bloomberg Surveillance" television and radio program to discuss the renaissance in the rail industry and CSX's balanced approach to creating shareholder value. To view the interview, visit http://www.bloomberg.com/video/u-s-oil-boom-boosting-railway-growth-csx-cfo-says-Wl0YaR8OS8S4w5~g8dsvtQ.html.
For more information about CSX's growth and balanced capital approach, visit http://investors.csx.com/phoenix.zhtml?c=92932&p=irol-irhome.
About CSX
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For more than 185 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and small farming towns alike. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook (http://www.facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).
Contact:
David Baggs, Investor Relations
904-359-4812
Melanie Cost, Corporate Communications
877-835-5279