(Reuters) - United Parcel Service (UPS.N), the world's largest package delivery company, reported a quarterly profit that beat estimates and raised its 2011 forecast, boosting shares in premarket trading.

"Given fears over weather and fuel in the quarter this was a very solid report," said Peter Nesvold, Jefferies & Co analyst.

"The most important data point in our view were the yield statistics, with global package yields up 5.2 pct year over year and we were modeling 3.7 percent," he said.

UPS handles goods equal to 6 percent of the U.S. gross domestic product and 2 percent of global GDP in its trucks and planes, so its shipment trends give a tangible view of consumer demand.

The company forecast record profit in 2011.

The economic bellwether's first-quarter net income rose to $885 million from $533 million a year before, and earnings per share rose to 88 cents from 53 cents.

Wall Street analysts were expect a gain of 85 cents per share, on average, according to Thomson Reuters I/B/E/S.

Revenue rose to $12.58 billion from $11.73 billion a year ago. Analysts expected $12.72 billion in revenue.

The Atlanta-based company raised its 2011 share guidance to $4.15 to $4.40. from its February estimate of $4.12 to $4.35 a share.

Shares were up 1.7 percent in premarket trading at $74.87.

(Reporting by Lynn Adler, editing by Dave Zimmerman)

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