Boeing delays 787 program for third time

NEW YORK (Reuters) - Boeing (BA.N) announced the third major delay on its 787 Dreamliner on Wednesday, citing slow progress on assembly and continuing problems with suppliers, putting the program about 15 months behind schedule.

The delay was widely expected, as the U.S. plane maker has been struggling with late redesigns of the revolutionary carbon-composite aircraft, and performing work at its Everett, Washington, plant which should have been done by suppliers.

Boeing shares, which have plunged 30 percent since last summer on worries about the 787, rose almost 2 percent in pre-market trading to $76.40 (38.66 pounds), up from a close at $75.02 on the New York Stock Exchange on Tuesday.

The Chicago-based company, which vies with EADS (EAD.PA) unit Airbus for dominance of the commercial airplane market, pushed its first test flight target back by at least three months, and postponed first deliveries by about six months, in order to give it more time to sort out production problems.

It said its full-year financial forecasts were unchanged for this year, and will provide a forecast for 2009 when it reports quarterly earnings on April 23.

Boeing pushed its target for the first test flight of the new plane to the fourth quarter of this year, as opposed to its previous target of end-June 2008. It was originally planned for last summer.

The first 787 delivery, to Japan's All Nippon Airways (9202.T), will take place in the third quarter of next year, Boeing said, as opposed to its previous target of early 2009. The first 787 delivery was originally planned for May 2008.

"Our revised schedule is built upon an achievable, high-confidence plan," said Boeing Commercial Airplanes Chief Executive Scott Carson, in a statement.

Boeing said it now expects to deliver only 25 of the new planes by the end of 2009, less than a quarter of its previous plan to deliver 109. Wall Street analysts, who lost confidence in Boeing's predictions months ago, had expected between 10 and 45 deliveries.