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reported third-quarter earnings of 85 cents a diluted share, beating analysts' estimates.

A First Call/Thomson Financial

survey of three analysts produced a mean earnings estimate of 83 cents for PaineWebber's third quarter. The company earned 86 cents a share in the year-ago period.

Net revenue,which reflects interest expense, rose 16.6% to $1.44 billion from $1.24 billion. Third-quarter commission revenue rose to $528.9 million from $451.3 million a year ago. Revenue from asset management rose to $314.1 million from $235.7 million, while investment banking revenue fell to $107.5 million from $134.2 million in the year-ago period.