On Thursday, Siemens offered a more cautious outlook on sales for 2024, after the maker of everything from industrial software to trains reported fourth quarter industrial profits ahead of expectations.

The company saw a fourth quarter net loss of 870 million euros. Last year’s net income over the same period was 354 million euros.

The basic loss per share came in at 1.04 euros, as opposed to an earning of 0.33 euros a year ago.

A large loss at the company’s wind business, Siemens Gamesa severely impacted the profitability of Siemens Energy.

Revenue fell to 8.52 billion euros, down from 9.19 billion euros one year ago. There was a 2.5 percent decline in revenue on a comparable basis, mostly due to Siemens Gamesa.

Orders came in at 10.58 billion euros, which marked a reduction of 7.8 percent on a comparable basis.

The company said it expects to see revenue grow 4-8% over the next 12 months.

The new expectation is a reduction from the 11% increase in revenue the company produced for the 2023 business year, which ended September.

The reduction is due primarily to diminished expectations at the company’s automation division, where it now says sales could increase as much as 3% or they could stagnate.

The group said, “This is based on the assumption that following destocking by customers, global demand in the automation businesses, especially in China, will pick up again in the second half of the fiscal year.”