FedEx Corp said profits in both the current and subsequent quarters would be higher than it had earlier expected, citing an improving economy and fuel prices, and its shares jumped 4.5 percent in premarket trading.

FedEx said it now expected to report first-quarter earnings of 58 cents per share and second-quarter earnings of 65 cents to 95 cents per share.

That compares with analyst expectations of 43 cents and 70 cents for the first and second quarters, respectively.

FedEx shares were at $76 in premarket trading, up from their Thursday close of $72.66. Rival UPS rose to $57.75 from its close of $56.30.

FedEx is set to report full results on September 17.

(Reporting by Nick Zieminski, editing by Dave Zimmerman)

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