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General Electric Co on Tuesday raised the low end of its full-year profit forecast, encouraged by strong demand for jet engine spare parts and services on the back of a strong recovery in air travel.

The Boston, Massachusetts-based industrial conglomerate now expects 2023 adjusted profit per share of $1.70 to $2.00, compared with its earlier forecast of $1.60 to $2.00.

Free cash flow for the year is estimated to be in the range of $3.6 billion to $4.2 billion, compared with $3.4 billion to $4.2 billion expected previously.

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A speedy recovery in aviation from the depths of the pandemic has lifted results of engine makers as supply chain disruptions have forced airlines to use older jets, boosting demand for aftermarket services.

GE’s aviation business, its cash cow, makes engines for Boeing Co’s 787 widebody jets. Its joint venture with France’s Safran SA, CFM International, powers the U.S. planemaker’s 737 MAX jetliners and Airbus’ 320neo jets.

The unit’s revenue in the first quarter rose 25% year-on-year to $6.98 billion, as price increases and productivity gains helped alleviate the pain of industry-wide supply shortages and high inflation.

“Given pent-up demand for air travel and the undersupply of aircraft the past few years due to the pandemic, commercial aero (aftermarket and OE) will likely be the fastest-growing industrial end-market for the next few years,” Melius Research analyst Robert Spingarn wrote in a note earlier this month.

GE’s adjusted profit for the quarter through March came in at 27 cents per share, compared with a loss of 9 cents per share a year earlier.

Analysts on average were expecting a profit of 14 cents per share, according to Refinitiv. It was not immediately clear if the figures were comparable.

GE also posted its first free cash flow in the first quarter since 2015. Shares of the company edged up 1.3% in trading before the bell.

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