Results Send Amerigon Soaring 10% (ARGN)

Shares of electronic components maker Amerigon Incorporated ARGN are trading up 10% at $10.90 per share during the Wednesday afternoon trading session. The day's trading range for shares of Amerigon Incorporated has been between $10.07 and $10.94 per share. Analysts covering the company's stock give it a consensus price target of $12.18 per share. Volume of 240,000 shares is already past the daily average volume of 235,000 shares. Amerigon Incorporated (ARGN) announced on Wednesday morning that it far exceeded consensus Wall Street estimates when it reported 2nd quarter earnings per share of 10 cents, on revenue of $28.8 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 6 cents per share, on revenue of $23.62 million. Chief executive officer Daniel R. Coker said, "The slow, steady recovery of the global automotive market that began a year ago remains in effect. Improved vehicle production levels along with continued adoption of our seat systems in new vehicle lines by automotive manufacturers, and by consumers purchasing vehicles with our technology have led to the significant year-over-year and sequential improvements in revenues. With four consecutive quarters of record revenues, we believe we are gaining momentum and expect additional vehicle line introductions in the coming months to contribute to further increases in revenue. We are also looking forward to introducing other advanced products such as the heated and cooled bed and heated and cooled cup holder later this year." Read more from Benzinga's Company news.