CSX boosts 2011 capex to $2.2 billion
Written by William C. Vantuono, Editor-in-ChiefCSX Corp. says it will increase its capital investment for 2011 to $2.2 billion, up from the previously announced $2 billion.
CSX said Wednesday the increase is consistent with its previously announced intention to reinvest an annual average of 18% of its revenue through 2015. The Class I railroad also reiterated its near-term and long-term financial guidance.
The investment would be primarily targeted toward railcars to meet the growing near- and long-term demand for export coal, the company said.
TheBoard of Directors also approved a 12 cents per share quarterly dividend on thecompany’s common stock. The dividend is payable on Sept. 15, 2011, toshareholders of record at the close of business on Aug. 31, 2011.
