Sprint’s Profit Surges on Wireless Demand

Sprint Corp., the third-largest U.S. mobile-telephone carrier, said fourth-quarter profit surged as growing demand for wireless calling boosted sales.

Net income rose to $437 million, or 29 cents a share, from $110 million, or 8 cents, a year earlier, when profit was cut by costs for scrapping a billing system. Sales rose 3.7% to $6.93 billion, Overland Park, Kan.-based Sprint said.

Chief Executive Gary Forsee is betting on higher demand for wireless services and Sprint’s pending purchase of Nextel Communications Inc. to combat a slump in local and long-distance calling.

Shares of Sprint rose 12 cents to $24.60 on the NYSE.