Morningstar, Inc. (NASDAQ: MORN) posted its financial results for the fourth quarter of fiscal 2017 after the bell on Tuesday. In the after-hour section, shares of the company were flat.
“We are pleased with the strong revenue and overall financial performance across our business in 2017,” Kunal Kapoor, Morningstar's chief executive officer, said in the statement on Tuesday.
For the fourth quarter, revenue rose 14.5% to $243.1 million. Organic revenue growth was 9.0%. In addition, diluted net income per share for the fourth quarter dropped to $0.91 per share compared with $1.63 per share for the same period of a year before.
For the full year 2017, the company reported revenue of $911.7 million, increasing 14.2% from the number of 2016. Diluted net income per share dropped to $3.18 per share for full year 2017 compared to $3.72 per share in 2016. Free cash flow for 2017 was $183.5 million, with cash provided by operating activities of $250.1 million and capital expenditures of $66.6 million, according to the company.
“We demonstrated substantial progress against the strategic objectives and key investment areas we outlined at the beginning of the year, which contributed heavily to our growth. We also meaningfully exceeded our sales targets in 2017, including a strong fourth quarter for new contracts, which set a solid foundation for 2018. We are focused on continuing to execute against our strategy to deliver long-term growth,” Kunal continued.