Morningstar earned $19.9 million in the third quarter, or 41 cents per share, up 47 percent from $13.5 million, or 29 cents per share, in the year-ago period. The third quarter results which came from the Chicago-based firm on Thursday morning beat analyst predictions. According to Reuters Estimates, the average earnings forecast for Morningstar was 39 cents per share. Consolidated revenue came in at $111.9 million, representing a 37-percent rise from $81.8 million in the same period last year.

In a news release, Morningstar chairman and chief executive Joe Mansueto said the firm's investment consulting business is the biggest contributor to revenue growth, followed by the Morningstar Advice Workstation product.  

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