GE Aerospace on Thursday forecast a stronger profit for the year after its fourth-quarter earnings exceeded Wall Street estimates as strong travel demand amid persistent shortages of new aircraft bolstered sales of its high-margin parts and services.

General Electric Co. exceeded Wall Street expectations for profit and sales in the final months of the year as the jet engine maker worked through supply-chain limitations and capitalized on a strong maintenance backlog.

Shares of GE Aerospace surged in premarket trading Thursday after the company reported fourth-quarter results far above analysts' estimates.

GE Aerospace (NYSE:GE) shares are trading higher premarket on Thursday after it reported fourth-quarter adjusted revenue growth of 16% year-over-year to $9.879 billion and GAAP revenue of $10.812 billion.

Shares of industrial and transportation companies rose after strong earnings. GE Aerospace soared after the maker of plane engines, formerly known as General Electric, posted fourth-quarter earnings ahead of Wall Street targets and boosted its dividend.

GE Aerospace was long considered one of the crown jewels inside of the General Electric conglomerate. Now independent, the company is demonstrating to investors what it is capable of. GE earned $1.32 per share in the fourth quarter on revenue of $10.8 billion, easily surpassing Wall Street's consensus $1.04 per share on $9.5 billion estimates.

GE Aerospace appears well on its way to accomplishing a goal it set during its launch as a standalone company last year.

GE Aerospace (GE) is set to announce Q4 earnings, with analysts focused on engine deliveries, margins, and aftermarket growth outlook.

GE Aerospace plans to step up returns to shareholders this year. The maker of aircraft engines on Thursday said it plans to buy back $7 billion worth of stock in 2025 and to raise its dividend by 30%, subject to board approval.

GE Aerospace is forecast to report nearly $35 billion in annual sales for 2024, clearing the way fo be the region’s next Fortune 500.

GE Aerospace posted a surge in quarterly revenue that blew past Wall Street’s estimates as the jet-engine maker received an influx of orders to end the year.