Boeing Delays 787 Dreamliner Test Flight Again

Boeing Tuesday said the first test flight of its long-delayed 787 Dreamliner would be postponed again, a move sure to disappoint investors and customers who have ordered the revolutionary carbon-composite aircraft.

In a statement, the No. 2 planemaker did not give a new date for the first flight or the first delivery, which also would be rescheduled. The aircraft, already two years behind its original schedule, was to fly for the first time in the second quarter of 2009.

Boeing said it delayed the test flight to reinforce an area within the side-of-body section of the aircraft.

"Structural modifications like these are not uncommon in the development of new airplanes, and this is not an issue related to our choice of materials or the assembly and installation work of our team," Scott Carson, chief executive of Boeing Commercial Airplanes, said in a statement.

Boeing shares fell sharply on the New York Stock Exchange.

The date of the first test flight has been delayed five times because of production problems and a two-month labor strike. The latest postponement could be a blow to the credibility of the company and its CEO James McNerney, who said as recently as May that the plane would fly in June.

"It's a setback that's going to disappoint investors. Boeing's shares will suffer a near-term setback," said Jack Ablin, chief investment officer at Harris Private Bank.

"I'm hopeful that this issue can be resolved quickly," Ablin said. "But my sense is that if it's big enough to delay the introduction, then this is a serious concern."

Boeing said its financial outlook would be updated in July to reflect any impact from the new delay. Chicago-based Boeing and rival Airbus are being hit hard as carriers and cargo operators grapple with economic difficulties in many parts of the world. So far this year, Boeing has seen a net 45 cancellations for the 787.

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