Wednesday, November 2, 2011
Morningstar's 3Q net dips 13 pct on compensation
Net income for the July-through-September period was $21.4 million, or 42 cents per share, down from $24.7 million, or 49 cents per share, a year earlier.
Revenue was $160.1 million, up 15 percent from $139.8 million in the third quarter of 2010.
The results for the 2010 third quarter included an after-tax gain of $3.2 million, or 7 cents a share, related to the company bumping up its ownership of Morningstar Denmark from 25 percent to 100 percent.
Operating expenses jumped 15 percent to $126.2 million from $109.7 million. About half of that increase was due to higher salaries, reflecting both raises and the hiring of 30 new employees. Another $5.7 million of the higher amount came from bonuses and increased employee benefits.
Additional new costs were related to seven firms the company acquired in 2010, Morningstar said.
Morningstar increased its work force to 3,395 employees worldwide as of the end of the quarter, up from 3,165 a year earlier. The company said it has continued to hire in its development centers in China and India as well as in the United States.
CEO Joe Mansueto said organic revenue rose by about 11 percent in the quarter, with the bulk of the increase provided by the investment consulting unit and Morningstar Direct, a web-based research platform for institutional investors.
Morningstar shares closed up 80 cents, or 1.4 percent, at $59.57 before the report was released. There was no after-market trading in the stock.
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