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Paine Webber tops forecast
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October 12, 1999: 7:51 a.m. ET
Brokerage firm's 3Q income jumps 67% over year-earlier period
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NEW YORK (CNNfn) - Paine Webber Group Inc. Tuesday reported better-than-expected third-quarter profit equal to 86 cents a share as revenue for the brokerage firm jumped 20 percent.
The consensus of analysts polled by First Call had forecast earnings of 83 cents a diluted share.
Net income for the period was $138.2 million, up 67 percent from the year-earlier period. Net revenue for the quarter was $1.24 billion, a 20 percent increase from the same period last year.
"We are pleased to report another quarter of strong earnings, with results for the first nine months of 1999 exceeding the full twelve months results of the previous record year," said Donald B. Marron, PaineWebber's chairman and chief executive officer in a statement.
"Particularly encouraging," Marron continued, "was the progress made in the enhancement of our technology-based services that together with the high-quality advice we offer affluent clients, provide PaineWebber with clear differentiation. This strategy, coupled with the growth of our distribution force, should continue to fuel significant asset growth and increased revenues in the years ahead."
Shares of Paine Webber (PWJ) fell 1/16 to 35-11/16 Monday.
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