Shares of Micron Technology Inc. rose May 21 after the U.S. memory chip-maker increased its profit guidance for its third fiscal quarter due to "strong execution and healthy industry conditions."

The Idaho-based company now expects to earn between $3.12 per share and $3.16 per share on a non-GAAP basis in the quarter ending May 31, up from the previous earnings forecast range of $2.76 per share to $2.90 per share.

Revenue for the quarter is projected to be $7.70 billion to $7.80 billion, compared to the prior guidance of $7.20 billion to $7.60 billion.

Micron shares were up 5.71% to $56.44 shortly after markets opened in New York.

"Our third quarter results are driven by focused execution of our strategy against a backdrop of healthy industry fundamentals," said Micron President and CEO Sanjay Mehrotra.

The company is hosting an analyst and investor event May 21.

In the second fiscal quarter, Micron earned $2.82 per share on a non-GAAP basis, up from 90 cents a year ago.