advertisement

---

In 2009, CSX Corp. positioned itself as a “stronger and more capable company” despite a tumultuous year, Chairman, President and Chief Executive Officer Michael Ward said in a message to shareholders that’s included in a recently released annual report.

Although a 15 percent volume decline led to a 22 percent reduction in earnings per share from continuing operations, CSX set a safety record and posted an all-time-low annual operating ratio of 74.7. The Class I also reduced operating expenses 20 percent year over year to $6.8 billion.

“Our 30,000 employees didn’t just let the economy happen ‘to’ us.  When the downturn began, we moved quickly to respond,” said Ward.  “Many of the operational changes we made are systemic and permanent.”

Ward also reiterated CSX’s plan to invest $1.7 billion in its network in 2010.

The Class I will hold its annual shareholders meeting May 5 at The Rittenhouse Hotel in Philadelphia.