Boeing sets schedule for 787 1st flight

August 27, 2009 6:06:12 AM PDT
Boeing said Thursday its long-delayed 787 aircraft will be ready for its first flight by year-end and its first delivery in the fourth quarter next year. The Chicago company also says it will book a third-quarter charge of $2.5 billion pretax, or $2.21 per share, related to the 787 program. When it reported its second-quarter earnings last month, the aircraft manufacturer said it was still assessing the financial impact of the latest delay.

Boeing's eagerly anticipated 787 passenger jet has been delayed several times due to design issues.

The company said earlier that it needed to reinforce an area in the side of the aircraft.

"This new schedule provides us the time needed to complete the remaining work necessary to put the 787's game-changing capability in the hands of our customers," Boeing Chairman, President and CEO Jim McNerney, said in a statement. "The design details and implementation plan are nearly complete, and the team is preparing airplanes for modification and testing."

Boeing expects it will produce 10 airplanes per month in late 2013.

Boeing shares rose $2.72, or 5.7 percent, to $50.54 in premarket trading.

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