CSX board authorizes $2 billion share repurchase

CSX board authorizes $2 billion share repurchase The board of Jacksonville, Fla.-based CSX Corp. has authorized the repurchase of up to $2 billion of the company's outstanding common shares, representing about 11 percent of its total market capitalization.
   The new repurchase plan replaces CSX's $500 million program announced last July, under which nearly $365 million of the company's common shares were purchased. The latest program is expected to be completed by the end of 2008.
   The board also increased the quarterly dividend on the company's common stock by 20 percent to 12 cents per share, payable March 15.
   'We believe that at current price levels, CSX shares are an attractive investment and that the strong transportation environment in 2007 will propel growth in earnings and free cash flow,' said Michael Ward, CSX's chairman and chief executive officer. 'The new repurchase plan and dividend increase highlights the board and management team's continuing confidence in CSX's prospects for long-term growth and shareholder value creation.'
   CSX provides rail, intermodal and rail-to-truck transload services across a transportation network that spans about 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.