WASHINGTON—GE Aviation remained a bright spot at General Electric during the first quarter of 2019, becoming the largest and leading division at the embattled industrial giant.

Aviation revenue for the recent quarter ended above $7.95 billion, up 12% from the same period a year before, with equipment revenue growing 23% on higher commercial engine growth while services gained 6%. Orders of $8.7 billion were up 7%, with equipment up 3% and services up 10%. Segment profit of $1.7 billion was up 4%.

GE Aviation shipped 424 LEAP commercial aircraft engines in the first quarter of 2019 compared to 186 in the prior year. During the three months culminating in March, the T901-GE-900 was selected for the U.S. Army’s Improved Turbine Engine Program (ITEP).

On a teleconference with Wall Street analysts, GE managers said they were on track for track for high single-digit revenue growth at Aviation, with operating margins expected to hit around 20% in 2019. Still, executives are closely watching Boeing 737 MAX developments, as that aircraft maker’s production slowdown can turn into a major risk for all of GE if it is more than just a temporary suspension. Meanwhile, they reiterated that they have not changed their own production plans.

If the MAX production slowdown, delivery halt and groundings were to remain throughout the second quarter, GE could see a roughly $200 million effect on its business, similar to what its CFM International joint venture partner Safran indicated a week before.

CFM provides the LEAP and has been laboring to get back on schedule with Boeing. Executives continued to couch the shortfall as being roughly two weeks behind, with catch-up expected this quarter. GE finished the recent quarter on schedule with Airbus.

Analysts noted the MAX issue is not all bad news for GE. “Although the effect from the grounding of Boeing’s 737 MAX aircraft could compound GE’s cash flow headwinds in 2019, it does enable GE to catch up its production and will reverse once delivery of the 737 MAX resumes,” Rene Lipsch, lead GE analyst at Moody’s, said.

The LEAP issues are separate from a corporate overhaul and turn-around being attempted at GE after the multi-industrial behemoth last year stunned investors with multi-billion-dollar charges, a sudden CEO ouster, a federal investigation and an all-but-eliminated payout to shareholders. In the lastest telecon, executives talked about “fixing” their Power unit, “managing” Renewables and “de-risking” GE Capital, while “playing offense in Aviation.”

Indeed, analysts said GE Aviation’s was a good bellwether for the rest of that industry. “GE’s results point to continued strength, particularly in the commercial aviation aftermarket, which is trending at nearly 10% so far this quarter and reads positively across to TransDigm and Heico,” Vertical Research Partners said.