Blue Bird (NASDAQ: BLBD) largely met analysts' expectations for its fiscal Q1 results and voiced optimism about the year to come. Investors liked what the company had to say, sending shares of the school bus manufacturer up as much as 41% in Thursday trading. As of 12:30 p.m. ET, the stock was up 33%.

Blue Bird is a company in the middle of a tech transformation. The school bus manufacturer is focused on going green, rolling out new, more fuel-efficient buses and electric-powertrain options.

The company lost $0.30 per share in its fiscal first quarter, within range of the consensus estimate for a loss of $0.29 per share, on revenue of $235.7 million, which exceeded analysts' expectations. During the period, Blue Bird worked through most of its legacy units that have been causing margin compression over several quarters, setting the stage for improvement in the months to come.

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Source Fool.com