Panasonic Says it May Not Hit Growth Target for 2009

| About: Panasonic Corp. (PCRFY)

Panasonic (PC) Friday morning said the company may not meet its goal of double-digit growth in overseas sales in the March 2009 fiscal year.

The company also said it expects “a tough business environment” in the March 2010 fiscal year, with a global recession and “shrinking demand triggered by the financial crisis.” The company said it will “carry out a radical review” of its businesses and withdraw from some, shutting some overseas operations, and restructuring its headquarters office.

In the flat-panel TV business, the company is targeting growth above the industrial average. The company said total capital spending in the sector through 2012 will be 445 billion yen, down from a previously planned 580 billion yen. The company has targeted global sales of 15.5 million flat-panel TVs for fiscal 2010, a 50% increase from 2009.

Oh, and I love this part.

“The company believes that a positive attitude is more important than anything else when facing a difficult situation, the company said.

They have high hopes. High in the sky, apple pie hopes.

Panasonic today is down 28 cents, or 2.1%, to $13.14.