CSX Announces Third Quarter Results

                     CSX Announces Third Quarter Results

PR Newswire

JACKSONVILLE, Fla., Oct. 16, 2012

JACKSONVILLE, Fla., Oct. 16, 2012 /PRNewswire/ --

Year-Over-Year Highlights:

  oOperating ratio was 70.5 percent
  oEarnings per share increases to $0.44 per share
  oEmployee safety and customer service near all-time record levels

CSX Corporation (NYSE: CSX) today announced third quarter net earnings of $455
million, down 2 percent when compared to the $464 million reported in the same
period last year. Despite this decline, the company's earnings per share in
the quarter were up 2 percent year-over-year to $0.44 compared to $0.43 in the
third quarter last year. The contrast between the changes in net earnings and
EPS is reflective of shares repurchased since last year's third quarter.

"CSX continues to respond well to moderating economic conditions and
challenges in our domestic coal business," said Michael J. Ward, chairman,
president and chief executive officer. "The company is driving strong safety,
customer service and productivity results while building its capabilities for
the long term."

While the company saw strong increases in export coal, intermodal and
automotive shipments, total revenue in the quarter declined 2 percent when
compared to the same period last year. This decline was driven by overall
lower volume levels, a change in the mix of the company's business and lower
fuel recovery.

However, strong productivity gains, coupled with adjusting resources
throughout the business, allowed the company to offset external headwinds and
deliver operating income of $854 million, down 3 percent compared to last
year. In addition, the operating ratio performed well, remaining stable at
70.5 percent for the quarter, versus 70.4 percent last year.

Looking forward, CSX still expects earnings growth and margin expansion for
the full-year 2012. In addition, the company is still targeting a 65 percent
operating ratio by 2015, although this has become more challenging in the
current environment.

This earnings announcement, as well as a package of detailed financial
information, is contained in the CSX Quarterly Financial Report available on
the company's website at http://investors.csx.com and on Form 8-K with the
Securities and Exchange Commission.

CSX executives will conduct a quarterly earnings conference call with the
investment community on October 17, 2012, at 8:30 a.m. Eastern time.
Investors, media and the public may listen to the conference call by dialing
1-888-327-6279 (888-EARN-CSX) and asking for the CSX earnings call. (Callers
outside the U.S., dial 1-773-756-0199). Participants should dial in 10 minutes
prior to the call. In conjunction with the call, a live webcast will be
accessible and presentation materials will be posted on the company's website
at http://investors.csx.com. Following the earnings call, an internet replay
of the presentation will be archived on the company website.

CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading
transportation companies, providing rail, intermodal and rail-to-truck
transload services. The company's transportation network spans approximately
21,000 miles, with service to 23 eastern states, the District of Columbia and
two Canadian provinces. CSX's 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 management's plans, strategies and
objectives for future operations, and management's 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 company's 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 company's SEC reports, accessible on the SEC's website at www.sec.gov
and the company's website at www.csx.com.

SOURCE CSX Corporation

Website: http://www.csx.com
Contact: David Baggs, Investor Relations, +1-904-359-4812, or Lauren Rueger,
Corporate Communications, 1-877-835-5279
 
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