(Reuters) – Honeywell International Inc increased its full year profit forecast Friday as a result of a rebound in aviation markets thanks to a pick up in travel. This has boosted the demand for Honeywell International Inc’s aftermarket parts, software, and other services.

The company’s shares were at $193.3, up 2% from the previous bell.

The boom in air travel demand has caused legacy aircraft manufacturers such as Boeing (NYSE) Co and Airbus SE(OTC:) have to increase their production, which leads to increased orders from parts producers such as Honeywell.

Honeywell chief executive Darius Adamczyk declared that there is a solid recovery in the key energy and commercial aerospace markets.

A full-year adjusted profit per share for 2022 is expected to be between $8.50 & $8.80. That’s higher than the $8.40 – $8.70 range.

North Carolina-based firm said this month that it is looking at adding suppliers to help meet increased demand for aircraft manufacturers.

From its earlier guidance range, which was $35.4 billion to $36. billion, the industrial conglomerate increased its lower end full-year sales guidance.

Raytheon Technologies (NYSE :), a peer in defense and aerospace, has lowered its full-year revenues forecast and earlier this week said that supply chain constraints are affecting its commercial portfolio which includes electronics, aluminum, and titanium.

According to Refinitiv data on higher prices, Honeywell’s adjusted net income per share in the first quarter was $1.91, which beat analysts expectations of $1.86.

The company’s aerospace business, which produces parts like aircraft engines and navigation systems, saw its first quarter sales rise 4.4% to $2.75 Billion.