The CSX Corporation Board of Directors recently authorised 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.
The Board of Directors also 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.