04:35 PM EDT, 04/17/2024 (MT Newswires) -- CSX (CSX) late Wednesday reported first-quarter results that fell from a year earlier but exceeded analysts' estimates as the rail-based freight transportation supplier benefited from gains in intermodal and coal volumes.

Per-share earnings declined to $0.46 during the quarter ended March 31 from $0.48 a year earlier but topped the $0.45 analyst consensus polled by Capital IQ. Revenue slipped 1% to $3.68 billion, just above Wall Street's $3.67 billion view.

The annual revenue decline came as fuel surcharge and export coal prices dropped while trucking sales retreated 8%. Intermodal and coal volumes, however, gained 7% and 2%, respectively. Operating income declined 8% year on year to $1.35 billion.

"We were pleased to see our consistent customer service performance lead to volume growth, and we remain focused on improving the reliability and fluidity of our network," Chief Executive Joe Hinrichs said in a statement.

Intermodal revenue edged 1% higher year on year to $506 million while coal sales were flat at $632 million. Merchandise revenue rose 1% to $2.19 billion, driven by pricing.

"Looking ahead, with favorable trends across many of the markets we serve, we are eager to build on our momentum over the rest of the year and beyond," Hinrichs said.

CSX shares were 1.7% higher in after-hours trading.