FedEx Corp reported a quarterly profit on Wednesday, helped by higher package volume and a recovering economy.

For the fourth quarter ended May 31, FedEx posted earnings of $696 million, or $1.33 per share, compared with a year-earlier loss of $849 million, or $2.82 per share.

Last year's results included $3.46 per share in charges, mainly for goodwill impairment related to the acquisition of Kinko's Inc and Watkins Motor Lines.

Excluding those charges, FedEx said it earned 64 cents per share in the year-earlier period.

Revenue rose 20 percent to $9.43 billion.

(Reporting by Helen Chernikoff; Editing by Lisa Von Ahn)