Morningstar beat analyst estimates of both income and revenue in its third-quarter earnings release Thursday.

The Chicago research provider reported Q3 2009 income of $22.5 million, slightly more than the $22.2 million reported in Q3 2008. The per-share profit of 45 cents beat analysts' average forecast of 43 cents.

Its revenue fell 4.3 percent to $120.1 million, down from $125.5 million in Q3 2008. Yet that figure still beat analyst estimates of $113 million.

"The two biggest drivers of the revenue decline were Investment Consulting and the end of the Global Analyst Research Settlement period," stated chairman and CEO Joe Mansueto.

Operating expenses fell even further than revenue, however, dropping 5.4 percent year-over-year. The ratio yielded a 28.0 percent margin, an improvement over Q3 2008's 27.2 percent.

International business was a clear bright spot for Morningstar. Though U.S. revenue fell 9.9 percent year-over-year, to $85.5 million, international sales increased 12.9 percent, up to $34.5 million. 

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