Trammell Crow Co., a commercial real estate services company, reported slightly lower third-quarter earnings and forecast full-year profit would be at the low end of previous expectations.
The company said demand for its services in the third quarter was hurt by an erosion of corporate confidence and earnings. The Dallas-based company said earnings were $3.7 million, or 10 cents per diluted share, compared with $3.8 million, or 10 cents per share, in the same period of the prior year. Revenue totaled $173.8 million, down from $188.9 million a year earlier.
Trammell Crow said it anticipates earnings for the full year at the bottom of the range previously forecast, which was 45 cents to 55 cents a share, because it has absorbed more expenses associated with revamping or shutting down poorly performing operations than previously expected.
Trammel Crow said it was targeting increased earnings per share in 2003 but was being conservative in its assumptions with regard to activity levels next year.
It expects 'significantly higher' income before taxes for its global services segment in 2003, but it forecast that development and investment revenue and profit would both be down.