Advance Auto Parts (AAP 46.82%) reported first-quarter results Thursday morning that easily topped expectations, and said its transformation plan was ahead of schedule.

Investors were pleased, and sent shares of Advance up by about 46% as of 10:45 a.m. ET.

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A better-than-expected quarter

Shares of Advance Auto Parts had lost more than half their value over the past year, weighed down by poor results and macroeconomic concerns.

The company has been implementing an aggressive restructuring plan, closing hundreds of stores while opening new ones at what it believes to be better locations. But investors had low expectations for the company heading into this earnings season.

Advance lost $0.22 per share in the quarter on revenue of $2.58 billion. That loss was $0.47 per share better than Wall Street had expected, and revenue, though down 7% year over year, also came in about $70 million above expectations.

The company also reiterated its guidance, saying that its restructuring plan remains on track despite complications due to President Donald Trump's trade wars.

"The recently implemented tariffs have created a highly dynamic economic environment," said CEO Shane O'Kelly in a statement. "Despite this, the team is staying focused on the turnaround and our path ahead."

Is Advance Auto Parts a buy?

Even after Thursday's surge, the stock is still down by about 35% over the past year. Advance is a work in progress, and the stock has the potential to go higher should the company continue to produce better-than-expected results.

That said, the turnaround plan will take time to fully implement, and as O'Kelly notes, tariffs have added a lot of uncertainty to it. For investors interested in buying in, patience would likely be prudent. Thursday morning's 40%-plus gain was great to see for shareholders, but the stock will likely continue to take a volatile path from here.