Morningstar's net income in the fourth quarter came in at $20 million, up 47 percent from $13.6 million in the previous year. Consolidated revenue increased 36 percent to $118.1 million.

For the whole of 2007, revenue grew 38 percent to $435.1 million and net income reached $73.9 million, a jump of 42.7 percent from 2006.

Morningstar CEO Joe Mansueto said all three of the Chicago company's business lines enjoyed a good year, but the institutional business continued to drive revenue and operating margin increases, with the investment consulting unit making the most significant contribution.  

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