March 7 (Reuters) - General Electric's ( GE ) aerospace

business said on Thursday it expects operating profit to rise to

about $10 billion in 2028, as it gains from strong demand for

spare parts and services amid an aviation boom.

The aerospace giant has forecast operating profit of $6.0

billion to $6.5 billion for 2024. On Thursday, it set a target

of returning 70% to 75% cash to shareholders via buybacks and

dividends.

GE's aerospace business is benefiting from a surge in demand

for aftermarket services as a strong rebound in air travel and a

shortage of new aircraft prompt airlines to keep their planes in

the air for longer.

CFM International, GE's joint venture with France's Safran

SA, is an engine supplier for Boeing's ( BA ) 737 MAX

jetliners and competes with RTX's Pratt & Whitney to power

Airbus' 320neo jets.

The forecast comes ahead of GE Aerospace's investor day

later on Thursday.

Once a diversified industrial conglomerate, GE had said in

2021 it would break up into three companies focused on aviation,

healthcare and energy. GE separated its healthcare business last

year and expects to complete separation of the energy business

on April 2.