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CSX Announces First Quarter Results

04/27/2009 AT 06:35

"In this economic downturn, CSX is focusing sharply on the things that are more within our control safety, customer service and productivity, said Michael Ward, chairman, president and CEO. We are taking tough actions to right-size our operations in this challenging environment."

First quarter revenues of $2.2 billion were down 17 percent from the prior year, primarily due to a 17 percent decline in volume. The volume declines were driven by significant weakness in industrial production, housing starts, and consumer spending, as well as in the agriculture and energy sectors.

In response to these conditions, CSX right-sized its train network and implemented a wide range of productivity initiatives. As a result, operating expenses declined 17%, allowing the company to produce operating income of $522 million and an operating ratio of 76.8 percent for the quarter.

"Our nation will continue to rely heavily on rail transportation to move vital goods, relieve traffic congestion, protect the environment and support American businesses, said Ward. We can meet those needs with discipline in our operations, strategic investments in our system and sound public policy."

CSX Corporation, based in Jacksonville, Fla., is a leading transportation company 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, and connects to more than 70 ocean, river and lake ports.

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