* Q1 EPS $1.13/shr ex-charges, vs consensus 96 cents

* EPS 96 cents/shr including charges

* Rail car volumes fell more than 14 pct

* Shares up 1.7 pct in extended trading (Adds details of results, stock action, executive comment)

CHICAGO, April 23 (Reuters) - No. 2 U.S. railroad Burlington Northern Santa Fe Corp (BNI.N: Quote, Profile, Research) reported a better-than-expected net profit despite a drop in freight volumes due to the U.S. recession, sending its shares up 1.7 percent in after-hours trading.

The Ft Worth, Texas-based company reported on Thursday first-quarter net income of $293 million or 86 cents per share, compared with $455 million or $1.30 a share a year earlier.

Excluding charges, the company earned $1.13 per share.

On that basis, analysts on average had expected earnings per share for the quarter of 96 cents, according to Reuters Estimates.

"During the first quarter of 2009, BNSF's focus on cost control and a variable cost structure enabled us to weather a difficult economic environment," Chief Executive Matthew Rose said in a statement.