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Micron Technology (NASDAQ:MU) just reported results for the second quarter of its 2014 fiscal year. Shares rose 0.7% in after-hours trading.

Total revenues nearly doubled from the year-ago period to $4.1 billion thanks to the acquisition of bankrupt memory rival Elpida last July. Adjusted earnings per share rose from a $0.28 year-ago loss per share to $0.85 of positive EPS. Compared to the first quarter, earnings increased 10% on 2% higher sales.

Analysts were looking for earnings near $0.76 per share on $4 billion in sales.

NAND Flash memory revenues jumped 11% higher from first-quarter levels, driven by 35% higher volume but 18% lower prices per unit. DRAM memory chips stayed stable in both volume and price.

Free cash flows landed at 0.8 billion, up from negative $100 million in the 2013 quarter, and down from $1 billion in the first quarter.

Micron shares have surged 140% higher over the last year, including a 14% gain in the three months leading up to this report. Including the new second-quarter results, Micron stock now trades at 14.5 times trailing earnings.

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Anders Bylund owns shares of Micron Technology. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days.

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