JACKSONVILLE, Fla. – February 12, 2018 – CSX Corporation (NASDAQ: CSX) today announced that the Company’s Board of Directors has authorized a ten percent increase in its quarterly dividend along with an increase to the current share repurchase program to $5 billion.
James M. Foote, CSX President and Chief Executive Officer:
“The CSX Board of Directors has confidence in the quality of our franchise and our long-term prospects. The share repurchase program increase to $5 billion that the CSX board has authorized is a demonstration of this confidence.
“The CSX leadership team and I look forward to the upcoming investor conference in March where we will provide more detail on the company’s transformation and progress toward our 60 percent operating ratio target by 2020.”
The CSX Board of Directors approved an increase in the quarterly dividend from $0.20 to $0.22. The new $0.22 quarterly dividend is payable on March 15, 2018, to shareholders of record at the close of business onMarch 1, 2018.
Management expects to complete the $5 billion share repurchase program by the end of the first quarter of 2019.
CSX will host its Investor and Analyst Conference on March 1, 2018, at the InterContinental New York Barclay Hotel in New York City. Analysts and investors can obtain additional information about the conference by visiting http://investors.csx.com. Those interested in attending can then register for the event by clicking on the 2018 Investor and Analyst Conference link.