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The railroad, known as the largest coal transporter east of the Mississippi River, reported earnings for the March quarter rose from $US395 million to $449 million year-on-year, while revenue rose 6% to $2.97 billion, beating analyst projections.

While overall freight volumes rose 1% versus a year ago and rates increased 5% during the same period, CSX was hammered by a 14% drop in coal segment volumes. As with many other areas of the industry, the company cited low natural gas prices, a mild US winter and high utility stockpiles for the reduction.

Coal accounts for more than a quarter of the rail shipper’s revenue, and officials said in an earnings conference that coal was projected to be even weaker in the second quarter.

CSX chief executive Michael Ward told the Wall Street Journal Wednesday that about 280 of its employees have been laid off in what he called a “surgical” response to the drop in utilities’ coal demand.

Ward said thousands of employees across the railroad industry had been given pink slips over the course of the recession, and many locomotives had been placed in storage, but many of both had been brought back with rail’s rebound.

“This is a much different situation,” Ward told the paper.

“It's much more surgical this time.”

He also said that, excluding its coal arm from its calculations, total first-quarter volumes actually would have been up 6% instead of 0.6%.

Ward said the staff cuts were not a “complete furlough”, reportedly telling the WSJ that the impacted workers would be able to work two days a week and maintain their healthcare and other benefits.

CSX’s coal business serves more than 130 loadouts in nine US states. Its total service territory covers 23 states.