JACKSONVILLE, Fla. (AP) -- CSX Corp. (CSX) on Wednesday reported first-quarter profit of US$770 million.

The Jacksonville, Florida-based company said it had net income of US$1 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 92 U.S. cents per share.

The freight railroad posted revenue of US$2.86 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected US$2.88 billion.

CSX shares have decreased 16 per cent since the beginning of the year, while the Standard & Poor's 500 index has decreased 13 per cent. In the final minutes of trading on Wednesday, shares hit US$60.69, a decrease of 23 per cent in the last 12 months.