General Electric Co. shares soared to a record high of more than five years on Tuesday after the aerospace company and renewable energy provider reported results for its second quarter that were well above expectations. The outlook for the full year was also boosted.

Larry Culp, Chief Executive Officer of GE, said: “GE’s performance in the second quarter was excellent. It built on our momentum from the first quarter and marked a solid start to the year.” “Orders grew by double digits. This was driven by robust growth in services across our portfolio. GE Aerospace saw increased demand and Renewable Energy orders reached record levels.”

The stock surged by 4.4% during premarket trading and is now on track to reach its highest opening price since January 2018.

The company’s net income jumped to $946 million or 86 cents per share from a loss $1.25 billion or $1.13 per share in the previous period.

The adjusted earnings per share, excluding nonrecurring items rose from 36 cents to 68 cents, beating the FactSet consensus estimate of 46 cents.

The total revenue increased 18.2%, to $16.70 Billion, exceeding the FactSet consensus estimate of $14.76 Billion.

The free-cash flow increased to $415 from $192 and surpassed the average estimate by two analysts, compiled by FactSet, of $95.0 millions.

GE Aerospace, one of GE’s segments, saw its revenue increase by 28%, to $7.86 Billion, beating the FactSet consensus estimate of $7.31 Billion. Commercial services grew, with stronger spare parts sales and increased internal shop visits. Orders grew 37% to $9.45 Billion.

Power revenue fell 1%, but was still above expectations at $4.15billion, as orders rose 7% to $4.35billion.

The renewable energy and power businesses are now part of GE Vernova. After the secession of GE Healthcare Technologies Inc. GE expects to separate GE Aerospace in 2023 and GE Vernova by early 2024.

GE has raised its 2023 guidance for adjusted EPS from $1.70 up to $2.00 to $2.10-2.30 and free cash flow from $3.6 to $4.2 Billion to $4.1 to $4.6 Billion.

The stock is up 86.6% for the year so far, while S&P 500 SPX, +0.40% is up 18.6%.