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CSX Corporation
First-Quarter E i
Fi t Q t Earnings

   April 28, 2005
Forward-
                         Forward-looking Disclosure Statement
This presentation and other statements by the Company contain forward-looking statements within the
                                                                   forward-
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
                                   cost-
management’s plans, strategies and objectives for future operation and management’s expectations as to
management s plans                                          operation,    management s
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
                             Forward-
“believe,” “expect,” “anticipate,” “project,” and similar expressions. Forward-looking statements speak only
         ,    p,            p ,pj ,                         p          Forward-      g              p      y
as of the date they are made, and the Company undertakes no obligation to update or revise any forward-
                                                                                                  forward-
looking statement. If the Company does update any forward-looking statement, no inference should be drawn
                                                      forward-
that the Company will make additional updates with respect to that statement or any other forward-looking
                                                                                            forward-
statements.

Forward-
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
                                                               forward-
cause actual results to differ materially from those contemplated by these forward-looking statements include,
                                                                             forward-
among others: (i) the Company’s success in implementing its financial and operational initiatives (ii) changes
                (i                                                                       initiatives,
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
                                                                  forward-
Company’s SEC reports, accessible on the SEC’s website at www.sec.gov and the Company’s website at
www.csx.com.
www.csx.com.
CSX Corporation
First-Quarter E i
Fi t Q t Earnings

     Michael Ward
  Chairman, President and
   Chief Executive Officer
CSX Corporation
First-Quarter E i
Fi t Q t Earnings

  Clarence Gooden
 Executive Vice President
 Chief Commercial Officer
Surface Transportation revenues
of $2 1 billi increased by $188 million
 f $2.1 billion i     db         illi
                           First Quarter
                      Year-Over-Year Change
                           (Dollars in millions)

                                                        $2,108
           $1,920




      First Quarter 2004                           First Quarter 2005
Overall revenue-per-car i
O    ll                 improved by 8.6%
                               d b 8 6%
                                                First Quarter
                                           Year-Over-Year Change
• Price momentum continues

                                        9.8%
• Fuel surcharge continues to
                                                              8.6%
  partially offset rising oil prices

• Volume was slightly favorable
  driven primarily by coal

                                                   1.1%



                                       Revenue    Volume       RPC
Coal revenues of $506 million increased
$84 million on strong yield and volume
      illi      t      i ld d l
                                                  First Quarter
• Yield improvement continues in all         Year-Over-Year Change
  lines of business
                                           19.9%
• Volume strength in many markets
  including export, northern utilities,
  industrial and coke
                                                               10.0%
                                                     9.0%
                                                     9 0%
• Utility stockpiles remain below
  normal


                                          Revenue   Volume      RPC
Automotive revenues of $208 million
increased $6 million on yield improvements
i       d     illi       i ld i         t
                                           First Quarter
• Yield improvement                   Year-Over-Year Change

• Production decline

• Sales favorable; inventories
  down, yet still at high levels
                                    3.0%
                                    3 0%                 3.0%
                                                         3 0%




                                              0.0%

                                   Revenue   Volume      RPC
Intermodal revenues of $329 million
increased by $14 million
i       db        illi
                                          First Quarter
• Domestic volume weakness;          Year-Over-Year Change
  Network Simplification impact
                                                        8.6%

• Domestic yield strength
                                   4.4%
• International volume strength




                                             (3.8%)
                                  Revenue   Volume      RPC
Intermodal operating income improved $33
million year-over-year
  illi
                               First Quarter

                        2005         2004      Variance
Dollars in millions

Linehaul Revenue       $ 291        $ 309       $ ( 18)
Other Revenue             38             6           32

Operating Revenue        329          315            14
Operating Expenses       277          296            19
                       $ 52         $ 19         $   33
Operating Income
Operating Ratio        84.2%        94.0%       9.8 pts
Merchandise revenues of $1.0 billion
increased $80 million on stronger yield
i       d      illi       t        i ld
                                        First Quarter
• Strong yield across markets      Year-Over-Year Change

• Food and Consumer volume
                                 8.4%
  strength                                           7.9%


• Metals yield improvements

• Military volume weakness
                                           0.4%
                                           0 4%


                                Revenue   Volume      RPC
CSX’s outlook continues to be favorable
across most markets
          t    kt
Unfavorable            Flat                 Favorable

 Automotive    Emerging Markets        Agricultural Products
                   Intermodal               Chemicals
              Phosphate & Fertilizer           Coal
                                        Food & Consumer
                                         Forest Products
                                              Metals
CSX Corporation
First-Quarter E i
Fi t Q t Earnings

      Tony Ingram
  Executive Vice President
   Chief Operating Officer
Consistent focus on key drivers in 2005
C i t tf            k di        i

             Safety             Service            Productivity


• Process enhancements   • Resources        • Plan execution


• Employee training      • Terminal focus   • Asset utilization


• Labor partnerships     • Plan execution   • Process improvement
Safety processes produced positive results
in th fi t
i the first quarter
                t
        FRA Personal Injury             FRA Train Accident Rate
         Frequency Index
         F         Id

                 2.25   2.24
 2.18
                                      4.97
                                      4 97
          2.04
          2 04
                                             4.64          4.61   4.41
                               1.67                 4.03




  Q1       Q2     Q3     Q4     Q1     Q1     Q2     Q3     Q4     Q1
 2004     2004   2004   2004   2005   2004   2004   2004   2004   2005
Train velocity declined in first quarter after
increasing in consecutive quarters
i      ii             ti        t

                Average Overall Train Velocity
                      (miles per hour)
    20.9
    20 9
                                           20.5
                             20.1
              19.5                                  19.5




   Q1 2004   Q2 2004       Q3 2004       Q4 2004   Q1 2005
Efforts to improve network performance and
service consistency are ongoing
    i        it             i

• ONE Plan
   – Plan adjustment
   – Resource planning
   – Phase II implementation

• Terminal Focus
   – System terminals
   – Process approach

• Plan Execution
   – Increasing discipline
CSX Corporation
First-Quarter E i
Fi t Q t Earnings

      Oscar Munoz
  Executive Vice President
   Chief Financial Officer
CSX earnings from continuing operations
increased $0.55 per share for the quarter
i       d $0 55      h f th           t
                                                       First Quarter

Dollars i illi
D ll in millions, except Earnings P Sh
                       tE i       Per Share    2005
                                               200          2004       Variance
                                                                       Vi
Surface Transportation Operating Income       $ 351        $ 151       $   200
Other Operating Income
       p      g                                   3             1             2
Consolidated Operating Income                 $ 354        $ 152       $   202
Other Income                                   ( 2)          ( 4)             2
Interest Expense                                114           108          ( 6)
Income Taxes                                     84            13          ( 71)
Earnings from Continuing Operations           $ 154        $ 27         $ 127
EPS from Continuing Operations                $ 0.68       $ 0.13       $ 0.55

Net Earnings                                  $ 579        $ 30         $ 549
EPS                                           $ 2.56       $ 0.14       $ 2.42
CSX World Terminals Sale
    W ld T    i l Sl
• Gross proceeds $1.14 billion
                 $1 14

• Net earnings from discontinued operations $425 million

• Earnings per share from discontinued operations of $1.88
Surface Transportation operating income
generated strong EPS growth in the quarter
      td t                th i th      t
                                                      First Quarter
                                          2005              2004      Variance
Dollars in millions
Surface Transportation Operating Income   $ 351            $ 151        $ 200
Restructuring Charge                          -               53          ( 53)
Surface Transportation Operating Income
  before Restructuring Charge             $ 351            $ 204        $ 147


                                                      First Quarter
                                           2005              2004     Variance
 Dollars in millions
 EPS from Continuing Operations           $ 0.68           $ 0.13       $ 0.55
 Restructuring Charge                             -          0.14        ( 0.14)
 EPS from Continuing Operations
  before Restructuring Charge             $ 0.68           $ 0.27       $ 0.41
Surface transportation operating income
    improved significantly
    i       d i ifi tl
                                                       First-
                                                       First-Quarter Variance versus 2004*

    Dollars in millions                                   2005       Variance      Percent

    Revenue                                              $ 2,108        $ 188          10%
    Operating Expense
     Labor and Fringe                                        702          ( 17)      ( 2%)
     Materials, Supplies and Other                           462          ( 46)      ( 11%)
     Depreciation                                            203          ( 43)      ( 27%)
     Fuel                                                    179          ( 25)      ( 16%)
     Building and Equipment Rent                             135              5          4%
     Inland Transportation                                    56             18         24%
     Conrail R t Fees and Services
     C     il Rents, F     dS i                               20             67         77%
    Operating Expense                                      1,757          ( 41)      ( 2%)
    Operating Income                                         351           147         72%
    Operating Ratio                                       83.3%        6.1 pts

* 2004 excludes $53 million in restructuring charges
Expense increase limited to 2% through
    operations and management productivity
         ti      d             t   d ti it
                         Surface Transportation Operating Expenses
                           First Quarter Year-Over-Year Variance*
                                           (Dollars in millions)

                                                                      $19
                                                          $10




                                          ($11)
                         ($14)
         ($19)
                                                                                 ($26)
      Fuel Price     Volume and         Train          Operations Management     Other
                      Inflation       Operations       Productivity Reductions


* 2004 excludes $53 million in restructuring charges
Surface transportation operating income
    drove a 152% i
    d             increase i EPS
                           in
                                                           First-
                                                           First-Quarter Variance versus 2004*

    Dollars in millions                                        2005         Variance      Percent

    Revenue                                                    $ 2,108
                                                                 2 108          $ 188        10%

    Operating Expense                                            1,757            ( 41)     ( 2%)

    Operating Income                                               351             147       72%

    Operating R ti
    O    ti Ratio                                               83.3%
                                                                83 3%           6.1 t
                                                                                6 1 pts

    EPS from Continuing Operations                              $ 0.68          $ 0.41      152%



* 2004 excludes restructuring charges of $53 million pre-tax, $0.14 per share
                                                     pre-
Looking forward
L ki f        d
• Tougher comparables ahead

   – Cycling progressively stronger 2004 results

• Strong foundation is in place

   – Core strategies are taking hold

   – Financial results are improving

• Focused on consistent, continuous improvement
CSX Corporation
First-Quarter E i
Fi t Q t Earnings

   April 28, 2005

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csx Q1_2005

  • 1. CSX Corporation First-Quarter E i Fi t Q t Earnings April 28, 2005
  • 2. Forward- Forward-looking Disclosure Statement This presentation and other statements by the Company contain forward-looking statements within the forward- 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 cost- management’s plans, strategies and objectives for future operation and management’s expectations as to management s plans operation, management s 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 Forward- “believe,” “expect,” “anticipate,” “project,” and similar expressions. Forward-looking statements speak only , p, p ,pj , p Forward- g p y as of the date they are made, and the Company undertakes no obligation to update or revise any forward- forward- looking statement. If the Company does update any forward-looking statement, no inference should be drawn forward- that the Company will make additional updates with respect to that statement or any other forward-looking forward- statements. Forward- 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 forward- cause actual results to differ materially from those contemplated by these forward-looking statements include, forward- among others: (i) the Company’s success in implementing its financial and operational initiatives (ii) changes (i initiatives, 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 forward- Company’s SEC reports, accessible on the SEC’s website at www.sec.gov and the Company’s website at www.csx.com. www.csx.com.
  • 3. CSX Corporation First-Quarter E i Fi t Q t Earnings Michael Ward Chairman, President and Chief Executive Officer
  • 4. CSX Corporation First-Quarter E i Fi t Q t Earnings Clarence Gooden Executive Vice President Chief Commercial Officer
  • 5. Surface Transportation revenues of $2 1 billi increased by $188 million f $2.1 billion i db illi First Quarter Year-Over-Year Change (Dollars in millions) $2,108 $1,920 First Quarter 2004 First Quarter 2005
  • 6. Overall revenue-per-car i O ll improved by 8.6% d b 8 6% First Quarter Year-Over-Year Change • Price momentum continues 9.8% • Fuel surcharge continues to 8.6% partially offset rising oil prices • Volume was slightly favorable driven primarily by coal 1.1% Revenue Volume RPC
  • 7. Coal revenues of $506 million increased $84 million on strong yield and volume illi t i ld d l First Quarter • Yield improvement continues in all Year-Over-Year Change lines of business 19.9% • Volume strength in many markets including export, northern utilities, industrial and coke 10.0% 9.0% 9 0% • Utility stockpiles remain below normal Revenue Volume RPC
  • 8. Automotive revenues of $208 million increased $6 million on yield improvements i d illi i ld i t First Quarter • Yield improvement Year-Over-Year Change • Production decline • Sales favorable; inventories down, yet still at high levels 3.0% 3 0% 3.0% 3 0% 0.0% Revenue Volume RPC
  • 9. Intermodal revenues of $329 million increased by $14 million i db illi First Quarter • Domestic volume weakness; Year-Over-Year Change Network Simplification impact 8.6% • Domestic yield strength 4.4% • International volume strength (3.8%) Revenue Volume RPC
  • 10. Intermodal operating income improved $33 million year-over-year illi First Quarter 2005 2004 Variance Dollars in millions Linehaul Revenue $ 291 $ 309 $ ( 18) Other Revenue 38 6 32 Operating Revenue 329 315 14 Operating Expenses 277 296 19 $ 52 $ 19 $ 33 Operating Income Operating Ratio 84.2% 94.0% 9.8 pts
  • 11. Merchandise revenues of $1.0 billion increased $80 million on stronger yield i d illi t i ld First Quarter • Strong yield across markets Year-Over-Year Change • Food and Consumer volume 8.4% strength 7.9% • Metals yield improvements • Military volume weakness 0.4% 0 4% Revenue Volume RPC
  • 12. CSX’s outlook continues to be favorable across most markets t kt Unfavorable Flat Favorable Automotive Emerging Markets Agricultural Products Intermodal Chemicals Phosphate & Fertilizer Coal Food & Consumer Forest Products Metals
  • 13. CSX Corporation First-Quarter E i Fi t Q t Earnings Tony Ingram Executive Vice President Chief Operating Officer
  • 14. Consistent focus on key drivers in 2005 C i t tf k di i Safety Service Productivity • Process enhancements • Resources • Plan execution • Employee training • Terminal focus • Asset utilization • Labor partnerships • Plan execution • Process improvement
  • 15. Safety processes produced positive results in th fi t i the first quarter t FRA Personal Injury FRA Train Accident Rate Frequency Index F Id 2.25 2.24 2.18 4.97 4 97 2.04 2 04 4.64 4.61 4.41 1.67 4.03 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2004 2004 2004 2004 2005 2004 2004 2004 2004 2005
  • 16. Train velocity declined in first quarter after increasing in consecutive quarters i ii ti t Average Overall Train Velocity (miles per hour) 20.9 20 9 20.5 20.1 19.5 19.5 Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005
  • 17. Efforts to improve network performance and service consistency are ongoing i it i • ONE Plan – Plan adjustment – Resource planning – Phase II implementation • Terminal Focus – System terminals – Process approach • Plan Execution – Increasing discipline
  • 18. CSX Corporation First-Quarter E i Fi t Q t Earnings Oscar Munoz Executive Vice President Chief Financial Officer
  • 19. CSX earnings from continuing operations increased $0.55 per share for the quarter i d $0 55 h f th t First Quarter Dollars i illi D ll in millions, except Earnings P Sh tE i Per Share 2005 200 2004 Variance Vi Surface Transportation Operating Income $ 351 $ 151 $ 200 Other Operating Income p g 3 1 2 Consolidated Operating Income $ 354 $ 152 $ 202 Other Income ( 2) ( 4) 2 Interest Expense 114 108 ( 6) Income Taxes 84 13 ( 71) Earnings from Continuing Operations $ 154 $ 27 $ 127 EPS from Continuing Operations $ 0.68 $ 0.13 $ 0.55 Net Earnings $ 579 $ 30 $ 549 EPS $ 2.56 $ 0.14 $ 2.42
  • 20. CSX World Terminals Sale W ld T i l Sl • Gross proceeds $1.14 billion $1 14 • Net earnings from discontinued operations $425 million • Earnings per share from discontinued operations of $1.88
  • 21. Surface Transportation operating income generated strong EPS growth in the quarter td t th i th t First Quarter 2005 2004 Variance Dollars in millions Surface Transportation Operating Income $ 351 $ 151 $ 200 Restructuring Charge - 53 ( 53) Surface Transportation Operating Income before Restructuring Charge $ 351 $ 204 $ 147 First Quarter 2005 2004 Variance Dollars in millions EPS from Continuing Operations $ 0.68 $ 0.13 $ 0.55 Restructuring Charge - 0.14 ( 0.14) EPS from Continuing Operations before Restructuring Charge $ 0.68 $ 0.27 $ 0.41
  • 22. Surface transportation operating income improved significantly i d i ifi tl First- First-Quarter Variance versus 2004* Dollars in millions 2005 Variance Percent Revenue $ 2,108 $ 188 10% Operating Expense Labor and Fringe 702 ( 17) ( 2%) Materials, Supplies and Other 462 ( 46) ( 11%) Depreciation 203 ( 43) ( 27%) Fuel 179 ( 25) ( 16%) Building and Equipment Rent 135 5 4% Inland Transportation 56 18 24% Conrail R t Fees and Services C il Rents, F dS i 20 67 77% Operating Expense 1,757 ( 41) ( 2%) Operating Income 351 147 72% Operating Ratio 83.3% 6.1 pts * 2004 excludes $53 million in restructuring charges
  • 23. Expense increase limited to 2% through operations and management productivity ti d t d ti it Surface Transportation Operating Expenses First Quarter Year-Over-Year Variance* (Dollars in millions) $19 $10 ($11) ($14) ($19) ($26) Fuel Price Volume and Train Operations Management Other Inflation Operations Productivity Reductions * 2004 excludes $53 million in restructuring charges
  • 24. Surface transportation operating income drove a 152% i d increase i EPS in First- First-Quarter Variance versus 2004* Dollars in millions 2005 Variance Percent Revenue $ 2,108 2 108 $ 188 10% Operating Expense 1,757 ( 41) ( 2%) Operating Income 351 147 72% Operating R ti O ti Ratio 83.3% 83 3% 6.1 t 6 1 pts EPS from Continuing Operations $ 0.68 $ 0.41 152% * 2004 excludes restructuring charges of $53 million pre-tax, $0.14 per share pre-
  • 25. Looking forward L ki f d • Tougher comparables ahead – Cycling progressively stronger 2004 results • Strong foundation is in place – Core strategies are taking hold – Financial results are improving • Focused on consistent, continuous improvement
  • 26. CSX Corporation First-Quarter E i Fi t Q t Earnings April 28, 2005