GE Aerospace raised its outlook for the year, with strong demand bolstering orders during the latest quarter, even as supply-chain snarls continue to result in slower production and delivery delays.

The jet engine maker said third-quarter orders climbed 49%, largely buoyed by the company's commercial engines and services business. The unit has a healthy backlog, Chief Financial Officer Rahul Ghai said, reflecting solid underlying demand and continued customer growth.

Ghai isn't sure when that backlog will hit GE Aerospace's P&L, though. Orders typically convert into revenue in about six to nine months, but timelines are currently trending longer. The company is struggling to get access to the materials it needs for its products and services, while also facing inflationary pressure, Ghai said.

"We are anxious to convert that backlog into revenue," he said on a call with analysts Tuesday.

Shares of GE Aerospace fell 4.1%, to $298.43, shortly after the opening bell.

Despite the recent disruptions, GE Aerospace notched higher profit and sales in the latest quarter. The company has taken steps to improve efficiency and reduce costs, including by reorienting the layout of certain production lines to increase output and by leveraging artificial intelligence to decrease processing times, Chief Executive Larry Culp said.

GE Aerospace continues to invest in the business as well. The company's planned acquisition of Consolidated Precision Products, announced last month, will allow it to increase deliveries and accelerate the introduction of new engine technologies, Culp added.

For the year, the company now expects adjusted earnings of $8 to $8.10 a share, up from a previous range of $7.65 to $7.85 a share. Analysts surveyed by FactSet expect $7.94 a share.

The company also raised its adjusted revenue-growth outlook to between 19% and 20%, up from the high-teens percentage growth it had previously forecast.

For its three months ended Sept. 30, GE Aerospace posted a profit from continuing operations of $2.41 billion, or $2.32 a share, up from $2.17 billion, or $2.04 a share, a year earlier. Stripping out one-time items, adjusted earnings came in at $2.25 a share, ahead of analyst views for $2.01 a share.

Revenue rose 16% to $14.12 billion, topping Wall Street models for $12.88 billion.

Revenue from GE Aerospace's commercial engines and services segment jumped 21%, while the defense and propulsion technologies business had a 6.7% increase in sales.