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Because consumer-product revenue reached its highest-ever first-quarter level, and quarterly agricultural- and industrial-product, and coal revenue increased, Burlington Northern Santa Fe posted first-quarter freight revenue of $246 million, an 11 percent rise compared with first-quarter 2003.

Quarterly operating income of $410 million increased 19 percent and BNSF's first-quarter operating ratio of 83.3 improved 1 point compared with last year.

"We had record revenue growth in the first quarter which enabled BNSF to record its second consecutive quarterly double-digit increase in earnings per share," said BNSF Chairman, President and Chief Executive Officer Matthew Rose in a prepared statement. "Increased unit volumes in each major business group of our balanced portfolio contributed to this very strong revenue growth this quarter."

However, quarterly operating expenses of $2.08 billion rose 10 percent or $194 million compared with first-quarter 2003, mostly because of a 9 percent increase in gross ton-miles and higher depreciation expenses.

During the quarter, BNSF repurchased about 2.6 million shares of its common stock at an average price of $31.41 per share, bringing total repurchases as of March 31 to 126 million shares at an average price of $26.16 per share since the railroad began a repurchase program in 1997.