General Electric (GE:US) shares surged about 7% on Tuesday after the industrial giant reported much better-than-expected results for its third quarter.

Adjusted EPS came in at $0.82, easily surpassing the estimate of $0.56. Adjusted revenue was $16.50 billion, while analysts were looking for $15.48 billion.

Major segments – Power and Renewable Energy – significantly outperformed market expectations. Organic revenue in the former rose 9% and as much as 14% in the latter.

The biggest unit – Aerospace – saw its revenue rise 25% year-over-year to $8.41 billion, while analysts were looking for $8 billion. 

The company reported $1.67 billion in adjusted free cash flow.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "GE delivered another quarter of very strong results with double-digit growth in revenue, profit, and cash. At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services.”

Following a strong Q3 outperformance, GE raised its full-year profit forecast to $2.60 per share, up from the prior $2.20 and the consensus of $2.36.

Adjusted free cash flow for the year is now expected to be $4.9 billion, up from the prior $4.35 billion and the consensus of $4.28 billion. 

The rally in GE shares comes after Rep. Michael McCaul sold hundreds of thousands worth of shares over the summer. The prices at which he was selling are similar to those observed on Tuesday, October 24.