GE Aerospace has raised its full-year profit guidance after releasing its first quarter financial results.

The company, which has a major base in Bishop's Cleeve, became an independent company this month.

The firm saw total orders of $11.0 billion (+34%) and adjusted operating profit of $1.5 billion (+24%). These results relate to GE Aerospace's performance as a standalone company.

GE Aerospace chairman and CEO H. Lawrence Culp, Jr. said: "We marked a new beginning in early April with the successful spin-off of GE Vernova and launch of GE Aerospace, completing our multi-year transformation.

"Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace.

"At GE Aerospace, Commercial Engines & Services and Defense & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter.

"Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance.

"Moving forward as a focused global aerospace leader, we will continue to prioritise safety, quality, delivery, and cost — always in that order — while also investing in our future and driving long-term profitable growth."

GE delivered a strong last quarter as a combined company, reflecting great momentum in both GE Aerospace and GE Vernova. In 1Q, orders were up substantially and revenue improved with all segments contributing to growth.

GE Aerospace had a solid start to the year with double-digit growth across orders, revenue and operating profit, and free cash flow doubling year-over-year. Orders grew 34% and revenue grew 15% from pricing, spare parts volume, and increasing deliveries in widebody and Defense.

A company statement said: "As more people fly, and fly more often, we're experiencing a tremendous demand cycle. With FLIGHT DECK, our proprietary lean operating model, we're delivering for our customers while maintaining the highest standards of safety and quality, with greater predictability and speed.

"However, we continue to face material availability challenges impacting our deliveries and we have intensified our efforts working with suppliers to problem solve these issues. At the same time, we remain focused on advancing the technology building blocks to define the future of flight.

"We couldn't be more excited about our path ahead as a standalone company."

• GE Aviation was number 7 in Punchline-Gloucester.com's list of Top 100 Biggest Employers in Gloucestershire  in 2022, employing nearly 2,000 people at its base in Bishop's Cleeve.