morningstar inc (MORN) Key Developments
Morningstar Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and First Nine Months Ended Sep. 30, 2013
Oct 24 13
Morningstar Inc. announced unaudited consolidated financial results for the third quarter and first nine months ended Sep. 30, 2013. The company reported consolidated revenue of $173.5 million in the third quarter of 2013, a 7.8% increase from $161.0 million in the third quarter of 2012. Consolidated operating income was $44.6 million in the third quarter of 2013, an increase of 11.9% compared with $39.9 million in the same period a year ago. Net income was $31.5 million, or 68 cents per diluted share, in the third quarter of 2013, compared with $27.1 million, or 56 cents per diluted share, in the third quarter of 2012. Excluding acquisitions, divestitures, and foreign currency translations, revenue rose 8.8% in the third quarter of 2013. Income before income taxes and equity in net income of unconsolidated entities was $45,384,000 against $41,744,000 for the same period of last year. Cash provided by operating activities was $47,078,000 against $37,527,000 for the same period of last year. Capital expenditures was $9,069,000 against $4,954,000 for the same period of last year.
For the nine months, revenue was $517,766,000 against $487,679,000 for the same period of last year. Operating income was $128,757,000 against $111,399,000 for the same period of last year. Income before income taxes and equity in net income of unconsolidated entities was $133,584,000 against $114,933,000 for the same period of last year. Net income attributable to the company was $92,202,000 against $75,095,000 for the same period of last year. Diluted EPS was $1.98 against $1.51 for the same period of last year. Cash provided by operating activities was $132,213,000 against $92,316,000 for the same period of last year. Capital expenditures were $27,950,000 against $22,876,000 for the same period of last year.
Morningstar Inc. Appoints Stephane Biehler as Chief Financial Officer
Oct 17 13
Morningstar Inc. announced that Stephane Biehler, 45, is joining Morningstar as chief financial officer, reporting to Joe Mansueto, Morningstar's chairman and chief executive officer. Biehler has served as chief accounting officer and corporate controller for NYSE Euronext, a global operator of financial markets, since 2007. He will join Morningstar upon completion of the merger between NYSE Euronext and IntercontinentalExchange, which is targeted for November 4, 2013.
Morningstar to Launch First 529 College Savings Plan Indexes
Oct 15 13
Morningstar Inc. plans to launch a family of 529 college savings plan indexes later this year. Designed to benchmark state-sponsored 529 college savings plans, the Morningstar 529 Indexes are expected to be the first of their kind in the market. The Morningstar 529 Index series will consist of three risk tracks or glide paths--conservative, moderate, and aggressive--and each of the three glide paths will have seven distinct age-based indexes for a total of 21 new indexes. The indexes will adjust asset allocation over time by reducing equity exposure and shifting toward traditional income-producing and inflation-hedging asset classes as the student nears collage age. All of the indexes will be based on well-established asset allocation methodology from Ibbotson Associates, a Morningstar company and a leader in the field of asset allocation theory. The conservative-to-aggressive glide paths will rely on Ibbotson's latest academic research on Modern Portfolio Theory, the application of liability-driven investing techniques, and advanced optimization. Named after Section 529 of the Internal Revenue Code, 529 plans are tax-advantaged investment plans designed to encourage saving for college. Morningstar will use its comprehensive family of global proprietary indexes to build the 529 indexes using a transparent, rules-based methodology and a focus on investability.
Morningstar Inc. Announces Executive Changes
Oct 8 13
Morningstar Inc. announced that Don Phillips will be stepping down as head of the company's Research group after the first of the year. Haywood Kelly, currently head of equity, credit, and structured credit research, will assume Phillips' responsibilities as global head of Research, effective Jan. 1, 2014. Phillips will be a managing director and remain a member of the board of directors. Both Phillips and Kelly will report to Joe Mansueto, founder, chairman, and CEO. Kelly, 44, was named head of equity research in 1998, served as head of equity and fund research from 2000 to 2008, and became head of equity and credit research in 2009.
Morningstar, Inc. Declares Regular Quarterly Dividend, Payable October 31, 2013
Oct 4 13
The board of directors of Morningstar Inc. declared a quarterly dividend of 12.5 cents per share. The dividend is payable October 31, 2013 to shareholders of record as of October 14, 2013.