Morningstar posted second-quarter profits of $18.3 million, or 38 cents a share, up 63% from $11.2 million, or 24 cents a share, from the second quarter of 2006. That beat Wall Street estimates of 35 cents a share, Reuters reports.

Gross revenue was $109.7 million, up 44% from $76.3 million during the same quarter a year ago.

The company said that acquisitions finalized in the past year, including that of Standard & Poor’s, helped boost revenue by $13 million.

Nonetheless, operating expenses rose 38% to $22.4 million, due to higher salaries.

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