NEW YORK (Reuters) -General Electric Co's ( GE ) aerospace business on Thursday reaffirmed its outlook for the current year and forecast a $10 billion of operating profit in 2028, citing robust demand for its products and services.

The forecast comes ahead of GE's Aerospace's investor day later on Thursday.

The aerospace business, which will become a standalone company on April 2, plans to return 70% to 75% cash to shareholders via buybacks and dividends, including initial dividend payout at 30% of net income, it said.

GE Aerospace has been a cash cow of the Boston-based company, with some analysts estimating its market value to be more than $100 billion after the spin-off.

The unit, which makes engines for Boeing and Airbus jets, has seen a surge in demand for aftermarket services as a strong rebound in travel and a shortage of new jets prompt airlines to keep their planes in the air for longer.

Its commercial engine business generates more than 70% of its $24 billion annual revenue from services.

It reaffirmed its forecast for a $6.0 billion to $6.5 billion in adjusted operating profit in 2024 and more than $5 billion in free cash flow.

GE Aerospace said it will pursue M&A deals with a "disciplined" approach and prioritize investments in research and development.