Morningstar announced that its third-quarter profits jumped 80% to $13.5 million, or 29 cents a share, from $7.5 million, or 17 cents a share, from the year-ago period, Bloomberg reports.
More than half of the increase was due to acquiring Ibbotson Associates in March and Aspect Huntley in July. Morningstar’s international units contributed $12.3 million in revenue, an increase of 63%.
“It’s a growth story,” said Marvin Loh, an analyst with Oppenheimer.
Institutional sales, which includes consultant and retirement advice, rose 60% to $38.6 million; sales of services to individuals rose 32% to $20.4 million; and revenue from products and services for advisers rose 31% to $24.4 million.