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Morningstar operating income declines 24% on DBRS acquisition

Morningstar Inc. reported third-quarter net income of $49.1 million, or $1.14 per share, compared with $56.9 million, or $1.32 per share, in the prior-year period.

Morningstar reported third-quarter operating income of $49.6 million, compared to $65.4 million a year earlier.

The company attributed the drop in operating income to its $669 million acquisition of DBRS Ltd., which was completed during the quarter. DBRS Morningstar drove $3 million in the decline.

Foreign currency translations reduced operating income by $400,000 during the third quarter of 2019, including a negative effect on revenue of $2.6 million and operating expenses of $2.2 million.