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CSX Transportation, Inc.
500 Water Street
Jacksonville, FL 32202
Oscar Munoz is Keynote Speaker at 21st Annual CFO Summit
JACKSONVILLE, Fla. – November 8, 2010 – Oscar Munoz, executive vice president and chief financial officer of CSX Corporation, shared insight on key success drivers and lessons learned during the recession with a diverse group of finance executives from across the country at the CFO Summit XXI Fall 2010. Munoz focused on the need to create a nimble organization through the active management of costs and productivity. This concept is highly applicable to executives across a broad range of industries and has enabled CSX to emerge from the economic downturn in a position to thrive.
“As we saw signs of a recession, we implemented a company-wide initiative to create a more agile company that was able to quickly adapt to changing economic realities. Through careful and active cost management and improvements in productivity, CSX not only weathered the economic storm, but emerged in a position of strength as the economy began to recover,” Munoz said. “Most importantly, we seamlessly delivered reliable service to our customers throughout the period despite adverse economic conditions.”
Under current management, CSX’s operating income and earnings per share from continuing operations are up 166 percent and 245 percent, respectively, since 2004. Perhaps the indicator most reflective of the company’s success is its operating margin, which has steadily increased throughout the recession, up 1460 basis points since 2004.
Munoz also stressed the need for a relentless focus on creating long-term value for shareholders, a core tenet of the CSX organization. He said, “At CSX we remained committed to building our track record of execution and proving our capability to achieve strong financial results and deliver shareholder value. We took a balanced approach, trimming costs as necessary, but also strategically investing for the future.”
Freight trains moving more goods across the nation at a faster pace is a sign of economic recovery. Speaking on the current state of the economy, Munoz said, “Railroads are a leading indicator of the economy and the circulatory system of American commerce. We expect the economy to continue to grow steadily going forward.”
Munoz has been executive vice president and chief financial officer of CSX Corporation since 2003 and is a member of the board of directors of United Continental Holdings, Inc., the new holding company for United Airlines and Continental Airlines, and Outward Bound USA.
CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, 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. More information about CSX Corporation and its subsidiaries is available at the company's web site, www.csx.com.
Lauren Rueger, Corporate Communications