Navistar International Corp (NAV) is a leading manufacturer of commercial trucks, buses, defense vehicles and engines, formerly known as International Harvester Company this holding company owns the manufacturer of International brand commercial trucks, IC Bus school and commercial buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van, hoes and SUV markets. The company is also a provider of truck and diesel engine parts and service.

Headquartered in Lisle, Illinois, Navistar International has 16,500 employees and annual revenue of $10.775 billion in 2013. The company’s products, parts, and services are sold through a network of nearly 1,000 dealer outlets in the United States, Canada, Brazil, and Mexico and more than 60 dealers in 90 countries throughout the world. The company also provides financing for its customers and distributors principally through its wholly owned subsidiary, Navistar Financial Corporation.

Shares of Navistar International increased by 30% over this week till Wednesday after the company posted a surprise profit for the 2016 second quarter. They however have dipped by 7% by the noon of Thursday after that enormous spike.

Before today’s opening bell, the maker of trucks and engines reported earnings of 5 cents per diluted share, while analysts were expecting a loss of 16 cents per share.

Revenue fell by 18% to $2.2 billion from last year, but was above analysts’ expectations of $2.18 billion.

The drop in revenue reflects lower volumes in the company’s core U.S. and Canadian markets, softer industry conditions, reduced engine volumes in Brazil and the discontinuation of its Blue Diamond Truck joint venture in mid-2015.

But, CEO Troy A. Clarke said it was the first time the company posted a profit since it launched its turnaround plan more than three years ago.

“The fact that we earned a profit despite lower Class 8 truck volumes that impacted the entire industry, underscores the tremendous progress we continue to make in managing our costs effectively and improving our operations,” Clarke said in a statement.

For 2016, the company now sees revenue between $8.2 billion and $8.6 billion, lower than its previous outlook of $9 billion to $9.25 billion.

Analysts are looking for revenue of $8.79 billion for the full year.

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Navistar International now forecasts retail deliveries of Class 6-8 trucks and buses in the U.S. and Canada to be in the range of 330,000 and 360,000 units, compared with a prior view of 350,000 units to 380,000 units, the Wall Street Journal noted.

The company achieved $56 million in structural cost reductions during the second quarter. Year to date, structural cost reductions are at $113 million. When combined with material spends reductions and manufacturing savings, the company is on track to well exceed its total cost reduction goal of $200 million for 2016.

Navistar International ended second quarter 2016 with $817 million in consolidated cash, cash equivalents and marketable securities. Manufacturing cash, cash equivalents and marketable securities were $732 million at the end of the quarter.

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The company kicked off the second quarter with the launch of its new HX Series of premium vocational trucks. Orders for the HX Series, which is now in production, are already more than 70 percent of what the company expected for the fiscal year.