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8-K - FORM 8-K - CSX CORP | d472475d8k.htm |
Exhibit 99.1
CSX Corporation Announces $2.3 Billion
in Planned Capital Investment for 2013
Investment Reflects Commitment to Customer Service
and Confidence in Long-Term Freight Rail Demand
JACKSONVILLE, Fla. January 23, 2013 CSX Corporation (NYSE: CSX) today announced that it plans to invest approximately $2.3 billion in its business in 2013. The investments will support initiatives to help meet the nations long-term demand for freight rail, improve customer service and further the companys plans for long-term profitable growth.
The continued strong investment in CSX is a clear reflection of our desire to bring lasting transportation solutions to our customers, as well as to enable the inevitable movement of even more freight to rails, said Michael J. Ward, president, chairman and chief executive officer. Ward noted that overall growth excluding coal should be at a rate above the general economy in 2013.
Long-term increases in demand are expected to occur as the population and its consumption rise, as global trade creates the need to move more products between ports and people, as the highways become more congested, as the reindustrialization of the U.S. gains momentum, and as shippers become increasingly aware of the environmental benefits offered by rail. CSX addresses those challenges and opportunities by serving customers across a broad array of industries, including in some of the biggest and most active consumer markets in the world.
The $2.3 billion which was outlined in the companys fourth quarter and full-year earnings presentation this morning will fund critical network enhancements and fleet upgrades.
Many of the investments are related to long-term initiatives that give customers greater access to an increasingly interconnected global transportation network. This includes the companys National Gateway initiative creating double-stack intermodal train access between the Mid-Atlantic ports and the Midwest. The investments are also expected to include $325 million associated with the implementation of the industrys Positive Train Control program.
CSX has invested $7.8 billion in its network over the past four years. These investments are part of the companys balanced approach to capital deployment, which also includes dividends and share repurchases.
About CSX
CSX Corporation, based in Jacksonville, Fla., is one of the nations leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The companys transportation network spans approximately 21,000 miles, with service to 23 eastern states, the District of Columbia and two Canadian provinces. CSXs network connects more than 240 short line railroads and more than 70 ocean, river, and lake ports. 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).
Forward-looking Statements
This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of managements plans, strategies and objectives for future operations, and managements expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as will, should, believe, expect, anticipate, project, estimate, preliminary and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others; (i) the companys success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.
Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the companys SEC reports, accessible on the SECs website at www.sec.gov and the companys website at www.csx.com.
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