Morningstar reported third-quarter earnings of $19.3 million, or 39 cents a share, down 3.7% from $20 million, or 41 cents a share, in the third quarter of 2007.

Revenue held steady at $119.3 million, up from $118.1 million. “We grew in the quarter but just barely,” CEO Joe Mansueto told Reuters. He blamed the economy and financial markets for the lackluster performance. About 13% of Morningstar’s revenue is tied to asset-based fees, which declined 32% to $66 billion of assets under advisement, Mansueto said.

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