FORT WORTH -- Burlington Northern Santa Fe boosted its first-quarter revenues slightly, thanks mainly to strong demand for shipments of soybeans and winter wheat, according to the Fort Worth Star-Telegram.

But the 1.3 percent increase in revenues, to $2.29 billion from $2.26 billion, was not enough to overcome a 22 percent increase in fuel costs, a 4.4 percent increase in labor expenses and declining demand for auto shipments and a slower economy.

As a result, the Fort Worth-based company earned $134 million, or 34 cents per share, in the first quarter -- a drop of 44.9 percent from the $243 million, or 55 cents per share, in the same period a year ago.

BNSF's smaller first- quarter profit was, in part, the result of an extraordinary item related to early retirement of debt and a previously announced one- time $40 million accounting charge.

Excluding those, the company would have reported earnings of $180 million, or 46 cents per share -- a decline of 25.9 percent from the same period a year earlier.

That was a penny shy of the 47 cents average estimate posted by analysts, according to First Call/ Thomson Financial.

The earnings report had little impact on BNSF's stock price, which rose 27 cents Tuesday to close at $28.67 a share on the New York Stock Exchange.

BNSF's drop in profitability illustrates the tougher environment in which railroads are operating. On Monday, CSX Corp., the nation's No. 3 railroad, said first-quarter profits were off by 20 percent, and Tuesday, Canadian Pacific said it, too, saw its profits shrink by 20 percent.

BNSF's first-quarter operating profit -- profit before interest, taxes and accounting items -- declined to $419 million, down from $510 million in the same period in 2000.

In response to the weaker economy, BNSF has said it will trim $100 million from 2001 operating and capital spending, and will cut quarterly operating costs by about $20 million.

In a statement, BNSF Chief Executive Matt Rose said his railroad's "well- balanced" portfolio of business helped it achieve a small increase in revenue. And, in fact, BNSF carried more general freight, agricultural commodities, intermodal truckloads and Western coal during the quarter.

But the railroad also carried fewer automobiles and less industrial equipment, as manufacturers slowed production. And while BNSF carried more Western coal in the first quarter than it did during the same period in 2000, it got slightly less money per carload because many of its customers had renewed their contracts at lower unit prices.