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What: Shares of Dana Holding Corporation (NYSE:DAN), or Dana Incorporated, as it will be known as of Aug. 1, jumped as much as 12.3% in trading Thursday after reporting earnings. As of 11:30 p.m. EDT shares were up 10.8% on the day.

So what: Revenue fell 4% to $1.55 billion and net income dropped 10% to $53 million, or $0.36 per share. The results were slightly ahead of the $1.53 billion in revenue that analysts expected and, after pulling out on-time items, adjusted earnings per share of $0.53 beat Wall Street's $0.47 estimate. 

Light-vehicle driveline technologies saw an increase of revenue from $641 million a year ago to $669 million and -- as the biggest unit -- that saved the revenue drop from being worse. But commercial vehicle and off-highway driveline technologies both declined in the quarter, dragging on results overall.

Now what: While results are in decline, Dana Holding Corporation has done a good job keeping the bottom line intact as sales fall. And investors are often more concerned short-term with beating expectations because that, not necessarily growth, is what the stock price trades on. With shares trading at just 7 times forward earnings estimates, I think there's upside for Dana Holding, but I'd like to see top-line growth before getting too confident that the future is bright for the company.