Oct 24 Reuters General Electric on Tuesday raised its fullyear profit forecast for a third time this year after quarterly earnings topped Wall Street estimates on robust demand for jet engine parts and services and a better performance in its renewable business.

GE shares were up 6 at 113.14 in premarket hours. The Bostonbased group now expects 2023 adjusted profit per share of 2.55 to 2.65, compared with an earlier forecast of 2.10 to 2.30.

Free cash flow for the year is estimated to be in a range of 4.7 billion to 5.1 billion, up from 4.1 billion to 4.6 billion expected in July.

GE39;s aviation business, its cash cow, has been lifted by a surge in demand for aftermarket services as a strong rebound in air travel prompted airlines to use jets for longer against the backdrop of commercial plane shortages.

At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in commercial engines and services, CEO Larry Culp said in a statement.

The company39;s performance contrasts with rival RTX, which reported a near billiondollar quarterly loss due to a major quality crisis at its subsidiary Pratt and Whitney affecting the popular Geared Turbofan GTF engines.

GE39;s aerospace unit, which makes engines for Boeing Co and Airbus jets, posted doubledigit growth in orders, revenue and profit from a year earlier. Its margin expanded by 130 basis points in the quarter from a year ago.

Meanwhile profits at its grid and onshore…