FRANKFURT, Germany (AP) — Industrial equipment maker Siemens AG says its net income rose 12 percent to 2.2 billion euros ($2.7 billion) in the last three months of 2017, helped by one-time gains from the sale of shares in its Osram lighting business and from the U.S. corporate tax cut.

The company said results for the quarter — its fiscal first — benefited from the upswing in the global economy. Revenue rose 3 percent to 19.8 billion euros ($24.6 billion) while orders rose 14 percent to 22.5 billion euros. Orders are key to future earnings for the company.

CEO Joe Kaeser said Wednesday that "the first quarter underlines the strength of our company."

Siemens products include trains, medical imaging machines, and power turbines.