General Electric (NYSE:GE) said demand for jet engines and power equipment in Q4 boosted its profit and revenue from a year earlier. GE (GE) shares advanced by 1.5% in premarket trading.

The company’s adjusted EPS rose 51% from a year earlier to $1.24, beating the consensus estimate of $1.16. Revenue rose 7% $21.8 billion.

GE (GE) forecast that revenue would grow by a high single-digit percentage in 2023, and adjusted EPS of $1.60 to $2.

Its guidance also included $3.4 billion to $4.2 billion in free cash flow. GE (GE) last year lowered its guidance by about $1 billion from a previously forecast range of $5.5 billion to $6.5 billion.

Following this month’s spinoff of its healthcare unit, GE (GE) is focusing on GE Aerospace that makes jet engines and a group of energy businesses that next year will form a separate company called GE Vernova.

GE Aerospace is forecast to generate an operating profit of $5.3 billion to $5.7 billion this year, while GE Vernova is expected to have an operating loss of $600 million to $200 million.

“Looking ahead, GE is positioned to drive growth, profit and cash, and our outlook reflects our confidence in our businesses,” Larry Culp, CEO of GE, said in a statement.