Package delivery giant FedEx Corp posted sharply higher quarterly profit, citing an improving global economy.

Memphis-based FedEx reported profit for its fiscal third quarter ended Feb 28 of $239 million, or 76 cents per share, up from $97 million, or 31 cents per share, a year earlier.

Revenue rose 7 percent to $8.7 billion.

Like its main rival, Atlanta-based United Parcel Service Inc , FedEx is considered a bellwether of U.S. economic activity. When the economy does well, companies and consumers ship more goods; in a recession, package volumes drop.

(Reporting by Helen Chernikoff; editing by John Wallace)