General Electric Co. reported a jump in second-quarter profit and raised its guidance for the year as the newly independent jet-engine manufacturer capitalized on strong demand for maintenance services during the busy summer travel season.

Adjusted earnings at GE Aerospace were $1.20 a share in the quarter, the company said in a statement on Tuesday. That’s better than the 98-cent average of analyst estimates compiled by Bloomberg. The company raised its forecast for cash flow and profit for the full year as shop visits surged and pricing power improved.

The results highlight how the world’s largest maker of jet engines is navigating persistent turmoil in the aerospace supply chain while responding to strong demand for maintenance and spare parts needed to keep existing jetliners flying. This week at the Farnborough Airshow, GE notched wins for its widebody turbines with British Airways and Japan Airlines, among others.

Orders, operating profit and free cash flow all increased in the double-digits in percentage terms, Chief Executive Officer Larry Culp said in a statement, citing “momentum across our business” as he raised full-year targets.

Shares of GE Aerospace rose 2% in premarket US trading. They had increased about 60% this year through Monday’s close, by far the biggest gain in an S&P 500 index of aerospace and defense companies.

The company now expects adjusted earnings of as much as $4.20 a share for all of 2024, up from top-end of $4.05 previously. Free cash flow, previously forecast up to $5 billion for the year, will reach as high as $5.6 billion, GE Aerospace said. 

GE Aerospace became an independent company in early April after the spinoff of GE’s former energy-related businesses, which are now known as GE Vernova. The transaction concluded Chief Executive Officer Larry Culp’s lengthy turnaround-turned-breakup that transformed GE from struggling conglomerate into pure-play maker of jet engines for commercial and military aircraft.

The company’s board extended Culp’s contract through at least 2027 earlier this month, quelling speculation that he could be a candidate for the CEO role at Boeing Co.