(Bloomberg) -- General Electric Co. raised the full-year profit guidance for its aerospace business, driven by an increase in revenue from commercial aircraft engines and services. 

Operating profit this year will reach $6.2 billion to $6.6 billion, GE said in a statement on Tuesday, raising its guidance from as much as $6.5 billion. The company also provided an outlook for adjusted earnings per share, which will come in at $3.80 to $4.05.

GE shares gained 4.3% at 9:32 a.m. in early trading in New York. The stock had gained more than 47% this year through Monday’s close. 

The report is GE’s first since the April 2 spin off of GE Vernova Inc., its energy businesses. In the first quarter, GE Aerospace saw operating profit rise 24% to $1.5 billion, while sales advanced 15% to $8.1 billion. 

The creation of a standalone GE Aerospace followed the breakup of the storied engineering company. GE is the world’s largest producer of jet engines, powering workhorse aircraft such as Airbus SE’s A320neo as well as Boeing Co.’s 737 Max and 787 Dreamliner. It also boasts a large and profitable services business benefiting from strong demand for air travel.

In an interview before GE’s earning call, Chief Executive Officer Larry Culp said airlines understand that the current slow delivery pace means “you can’t really find a delivery slot for a new single-aisle plane this decade.” Instead, carriers were focused on “hanging onto the planes they have” to extend their use. 

Chief Financial Officer Rahul Ghai said on the earnings call that GE was lowering the projected output growth of its Leap engines this year to 10% to 15%, down from as much as 25% expected previously.

In March, GE Aerospace said that it expects to generate more than $5 billion of free cash flow this year, and adjusted revenue would grow in the low double digits or more. On Tuesday, GE reiterated those goals.

Culp said that Boeing CEO Dave Calhoun would provide more information on aircraft production on his firm’s earnings call Wednesday, but GE was “well-calibrated and aligned” with the planemaker on output rates.  

Also in March, GE announced plans to pay a significant dividend for the first time since 2018, when Culp slashed the payout in one of his first moves after taking over.

Analysts have said GE stands to benefit from additional parts and services work as airlines keep more of their existing fleets in the air due to production difficulties at Boeing.

Read More: GE Bet on Being the Biggest, Then It Had to Break Up to Keep Up

GE Vernova, which now operates the electric-grid, gas-power and wind-turbine businesses, will report its first standalone quarterly earnings on April 25. 

The company spun off its medical equipment business, GE HealthCare Technologies Inc., in January 2023. 

--With assistance from Brooke Sutherland.

(Updated with share move, comments from Culp interview and earnings call from third paragraph.)

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