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CSX: Q3 2015 Press Release Exhibit

The following excerpt is from the company's SEC filing.

Exhibit 99.1

CSX Corporation Announces Record Third Quarter Financial Results


Third quarter record earnings per share of $0.52 and operating ratio of 68.3 percent

Strong service performance

Remain an industry leader in safety


CSX Corporation (NYSE: CSX) today announced net earnings of $507 million for the third quarter of 2015, versus $509 million for the same period in 2014, which translates to a third quarter record $0.52 per share, compared to $0.51 in the prior year.

Revenue declined nine perc ent in the quarter, as gains in price were more than offset by the combination of lower fuel recovery, a three percent volume decline and continued transition in CSX’s business mix. At the same time, expenses declined 11 percent on the collective effect of continued low fuel prices, cost reductions reflecting lower volume and savings from efficiency initiatives. The resulting $933 million in operating income drove a third quarter record operating ratio of 68.3 percent.

“CSX’s third quarter results demonstrate the company’s ability to leverage improving service while controlling costs in a dynamic environment where commodity prices and the strength of the U.S. dollar are challenging many of our markets,” said Michael J. Ward, chairman and chief executive officer. “Our performance supports strong pricing and continued efficiency gains as we continue to drive value for customers and shareholders.”

CSX is still targeting its full-year expectations for earnings per share growth in the mid-single digits and meaningful margin expansion as it progresses toward its longer-term goal of a full-year operating ratio in the mid-60s. These targets remain intact despite expectations for 2015 coal revenue to decline approximately $450 million primarily due to continued low natural gas prices and high inventory levels. In that regard, the company now expects domestic coal volume to decline by more than 10 percent in 2015, while the full-year outlook for export coal volume remains approximately 30 million tons. These significant coal headwinds are now also expected to continue in 2016.

CSX executives will conduct a quarterly earnings conference call with the investment community on October 14, 2015, from 8:30 a.m. to 9:30 a.m. Eastern time. Investors, media and the public may...