GE (GE) reported third-quarter earnings that beat analꦰysts' expectations and raised full-year guidance, sending the company's shares sharply higher in early trading.

The company said Tuesday that adjusted revenue rose 18% from a year earlier to $16.5 billion in the third quarter, while earnings per share came in at 82 cents, compared with a loss of 17 cents a share in the third quarter of 2022.

The better-than-expected performance was driven by the strength of GE Aerospace, where revenue increased 25% to $8.4 billion and profit rose 33%. The Renewable Energy and Power businesses, which are part of GE Vernova, showed revenue increases of 14% and 9%, re꧋spectively.

The company, which has been steadily raising its guidance this year, said it now expects full-year adjusted EPS of $2.55-$2.65, up from the $2.10-$2.30 range it projected in July. Free cash flow for the full year is now projected at $4.7 billion to $5.1 billion, up from the $4.1 billion-$4.6 billion forecast in July.

The growth of GE's business in particular reflects continued high demand from airlines and aviation services providers for GE-made parts and equipment as consumer air travel remains strong, despite high interest rates and the persistent effects of inflation.

GE also announced Tuesday that it expects the spin-off of the GE Vernova energy unit to be 🦂completed in the beginning of the second quarter of next year. Shares of GE Vernova will be listed on the New York Stock Exchange and trade under the symbol GEV, while GE Aerospace will continue under the symbol GE on the NYSE. GE, which announced in 2021 it would split into three companies, spun off its health care business earlier this year.

GE shares were up about 4% in early trading Tuesday. GE shꦜares have gained 86% in the last year after reaching their lowest level in over two decades in 2021. Still, the price of GE stock is less than a third of what it was at its peak in 2000, when shares traded close to $360 each.