Morningstar’s first quarter profits rose 18% to $15.8 million, or 33 cents per diluted share, from $13.4 million, or 29 cents a diluted share, a year ago. Consolidated revenue was $95.4 million, a 36% increase from $70.1 million in the first quarter of 2006.“Our acquisition of S&P’s fund data business was the highlight of the quarter, and the integration is going very well,” commended Joe Mansueto, chairman and chief executive officer of Morningstar. “The S&P acquisition is already making contributions to our institutional and adviser businesses, particularly outside the United States, and we’re please with the progress we’ve made since we completed this deal less than two months ago. We’ve already re-branded many of the product and client websites, and our data integration should be completed in July.”
Besides the S&P and two other acquisitions driving growth, Mansueto added, Morningstar’s core business lines, namely investment consulting and its adviser workstation, contributed to growth as well.