CSX Announces Second Quarter Results

JACKSONVILLE, Fla., July 13 /PRNewswire-FirstCall/ --

Second Quarter Highlights:

* Earnings per share at 78 cents; 72 cents from continuing operations
* Productivity and cost cutting efforts continue
* Operating income at $582 million and operating ratio at 73.4%
* Safety levels strong, contributing to favorable casualty reserve adjustment

CSX Corporation [NYSE: CSX] today announced second quarter earnings of $308
million, or 78 cents a share, versus $385 million, or 93 cents a share, last
year. Excluding the impact of discontinued operations related to The
Greenbrier resort, earnings per share from continuing operations declined 24
percent from 95 cents to 72 cents.

Second quarter revenues of $2.2 billion were down 25 percent from the prior
year, primarily due to a 21 percent decline in volume and lower fuel surcharge
recovery. Volumes continued to decline across the board, although the rate of
decline in the coal market accelerated in the second quarter.

"While the economy continues to significantly impact our business, there are
some signs that we may be seeing the bottom in many markets," said Michael
Ward, president, chairman and CEO. "Even in this difficult business
environment, we are still strengthening our operations, optimizing our
resources and making the right investments to prepare our network for the
future."

CSX continued to improve its safety performance, contributing to a further
reduction in its casualty reserves of $70 million compared to last year.
Combined with the company's cost management efforts and increased network
efficiency, operating expenses declined 27%, allowing the company to produce
operating income of $582 million and an operating ratio of 73.4 percent for
the quarter.

"By improving safety, reducing costs and increasing productivity we lessened
the impact of the struggling global economy on our business," said Tony
Ingram, executive vice president and chief operating officer. "We remained
aggressive in right-sizing our train network while still providing reliable
service for our customers."

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.

This earnings announcement, as well as a package of detailed financial
information, is contained in the CSX Quarterly Financial Report available on
the company's website at http://investors.csx.com in the Investors section and
on Form 8-K with the Securities and Exchange Commission ("SEC").

CSX executives will conduct a quarterly earnings conference call with the
investment community on July 14, 2009 at 8:30 a.m. ET. Investors, media and
the public may listen to the conference call by dialing 888-327-6279
(888-EARN-CSX) and asking for the CSX earnings call. (Callers outside the
U.S., dial 773-756-0199). Participants should dial in 10 minutes prior to the
call. In conjunction with the call, a live webcast will be accessible and
presentation materials will be posted on the company's website at
http://investors.csx.com. Following the earnings call, an internet replay of
the presentation will be archived on the company website.

Forward-looking statements

This information and other statements by the company contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
with respect to, among other items: projections and estimates of earnings,
revenues, cost-savings, expenses, or other financial items; statements of
management's plans, strategies and objectives for future operation, and
management's expectations as to future performance and operations and the time
by which objectives will be achieved; statements concerning proposed new
products and services; and statements regarding future economic, industry or
market conditions or performance. Forward-looking statements are typically
identified by words or phrases such as "believe," "expect," "anticipate,"
"project," "estimate," "preliminary" and similar expressions. Forward-looking
statements speak only as of the date they are made, and the company undertakes
no obligation to update or revise any forward-looking statement. If the
company does update any forward-looking statement, no inference should be
drawn that the company will make additional updates with respect to that
statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties,
and actual performance or results could differ materially from that
anticipated by these forward-looking statements. Factors that may cause actual
results to differ materially from those contemplated by these forward-looking
statements include, among others; (i) the company's success in implementing
its financial and operational initiatives; (ii) changes in domestic or
international economic or business conditions, including those affecting the
rail industry (such as the impact of industry competition, conditions,
performance and consolidation); (iii) legislative or regulatory changes; (iv)
the inherent business risks associated with safety and security; and (v) the
outcome of claims and litigation involving or affecting the company.

Other important assumptions and factors that could cause actual results to
differ materially from those in the forward-looking statements are specified
in the company's SEC reports, accessible on the SEC's website at www.sec.gov
and the company's website at www.csx.com.

SOURCE CSX Corporation

David Baggs, Investor Relations, +1-904-359-4812, or Garrick Francis,
Corporate Communications, +1-877-835-5279