Morningstar (MORN) Tops Q1 EPS by 3c

Morningstar (NASDAQ: MORN) reported Q1 EPS of $0.72, $0.03 better than the analyst estimate of $0.69. Revenue for the quarter came in at $202.1 million versus the consensus estimate of $198.9 million.

Joe Mansueto, chairman and chief executive officer of Morningstar, said, "Organic revenue rose more than 10% during the quarter, with most of our major products performing well. Revenue for Morningstar Credit Ratings was up more than 60%, reflecting both industry-wide issuance volume and market share gains. Morningstar Direct, Morningstar Data, and Morningstar Retirement Solutions were also solid contributors to organic revenue growth."

Mansueto added, "Currency movements were a major factor in our results again this quarter, as continued strength in the U.S. dollar reduced revenue from our international operations when translated into U.S. dollars. While headcount was down slightly for the quarter, we continue to see opportunities to invest in our key growth initiatives."

For earnings history and earnings-related data on Morningstar (MORN) click here.

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