I think we've all been where Burlington Northern Santa Fe (NYSE:BNI) investors are today. You own stock in a company that posts seemingly decent results, yet the stock gets hit. It's not fun, but that's the way the market crumbles.

Like the other Class 1 rails we've seen so far, Burlington had what looks like a pretty respectable quarter. Revenue came in shy of the average estimate, though volume growth was still pretty good relative to prior quarters. All in all, freight revenue was up about 16% this quarter, with fuel surcharges making up about one-third of that increase.

Operating performance was also somewhat better. Operating income grew 25%, and the operating ratio improved both annually and sequentially. That said, efficiency metrics like system velocity still aren't fully up to snuff, and relatively low velocities (and high dwell times) basically imply that the company is letting potential revenue growth just sit around.

There certainly was a more positive spin possible for this quarter. Revenue in all four operating groups was up by a double-digit amount, with growth the strongest in the two largest segments (consumer and industrial).

So what about the stock? Maybe some investors are worried about the revenue shortfall, or perhaps other investors look at the sequential improvements in operating ratio at UnionPacific (NYSE:UNP) and CSX (NYSE:CSX) and wonder why Burlington didn't do the same. There's also a possibility that it's a less company-specific reason -- rails have been hot, and some managers might have decided to use the larger volume on an earnings release day to sell shares (and once the selling started, momentum folks might also have gotten jittery).

Wherever you decide to pin the blame, it's clear that the major rail operators are enjoying a great operating environment that isn't likely to sour in the immediate future. And while I think there are still legitimate questions surrounding the long-term ability of these companies to generate real economic profit and sustainable free cash flow, why let little details like valuation get in the way of a cyclical run, right?

Climb aboard for more Foolish thoughts on the rails:

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).