CSX raises 2011 railroad capital spending to $2.2 billion

JACKSONVILLE, FL, July 13, 2011 (PRNewswire) - The CSX Corporation Board of Directors today authorized an increase in 2011 capital investment for certain asset purchases - primarily railcars to meet the growing near- and long-term demand for export coal. As a result, the company now expects to make 2011 capital investments of $2.2 billion, up from the previously announced $2 billion.

The increase is consistent with CSX's previously announced intention to reinvest an average of 18 percent of its revenues back into its business through 2015. It also supports the company's near- and long-term financial guidance.

Also today, the Board of Directors approved a $0.12 per share quarterly dividend on the company's common stock. The dividend is payable on September 15, 2011, to shareholders of record at the close of business on August 31, 2011.

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 and the District of Columbia. CSX's network connects more than 240 short line and regional railroads and more than 70 ocean, river, and lake ports. More information about CSX Corporation and its subsidiaries is available at www.csx.com.