Trammell Crow Co. said on Wednesday it reported a decline in its second-quarter earnings due to a drop in demand for new office space.
The diversified commercial real estate services company said it earned $3.7 million, or 10 cents a share, compared to $4.3 million, or 12 cents a share a year ago.
The company said it expects to see flat third-quarter earnings per share compared to the second-quarter, and full-year 2002 earnings of 45 cents to 55 cents a share.
The company said its business would continue to be hurt until corporate confidence returns and is reflected in hiring of new employees and taking new office space.
(source: Tramell Crow)