Morningstar reported third quarter results on Thursday, indicating that net income rose 47% to $19.9 million, or 41 cents per diluted share, up from $13.5 million, or 29 cents per diluted share, in the third quarter of 2006.

Revenue rose 37% to $111.9 million in the third quarter, up from $81.8 million in the third quarter of 2006. Acquisitions completed in the past year contributed $10.2 million in revenue to the last quarter, while foreign currency exchanges contributed $900,000.

Year-to-date through the end of the third quarter, net income rose 41% to $53.9 million, or $1.13 per diluted share, from $38.1 million, or 82 cents per diluted share, in the first three quarters of 2006.

“We’re pleased with our results this quarter,” said Morningstar Chairman and Chief Executive Officer Joe Mansueto. “Our key products continue to perform well, with investment consulting contributing the most to revenue growth. Asset under advisement for investment consulting rose to $91.4 billion, up from $47.6 billion a year ago.”

The second-biggest contributor to revenue was the Morningstar Advisor Workstation, followed by licensed data, Morningstar Direct and Morningstar.com, Mansueto said.

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