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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.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.