CHICAGO (Reuters) - Norfolk Southern Corp (NSC.N: Quote, Profile, Research), the No. 4 U.S. railroad, reported that first-quarter net profit rose on Tuesday, as higher pricing offset a decline in freight volumes.

The results came a week after No. 3 CSX Corp (CSX.N: Quote, Profile, Research) reported a 46 percent jump in net profit despite a 2 percent decline in freight volumes.

The other two major U.S. railroads -- No. 1 Union Pacific Corp (UNP.N: Quote, Profile, Research) and No. 2 Burlington Northern Santa Fe Corp (BNI.N: Quote, Profile, Research) -- have yet to report results, but are expected to show strong profits despite a weak U.S. economy due to strong pricing power.

Norfolk Southern reported first-quarter net income increased to $291 million, or 76 cents a share, from $285 million, or 71 cents a share, a year earlier.

Excluding the settlement of a lawsuit related to an accident in 2005, the company earned 78 cents per share.

On the basis, the results matched the average Wall Street target, according to Reuters Estimates.

Revenue advanced to $2.50 billion from $2.25 billion a year earlier, with increases in all three divisions -- coal, general merchandise and intermodal.

Intermodal services use standardized containers for hauling consumer goods. The containers can be interchanged between truck, ship or train.

Like the other major U.S. railroads, Norfolk Southern has managed to maintain strong pricing power over the past few quarters despite declining volumes.