EVERETT — Shares of the Boeing Co. dropped Friday over concerns that its 787 Dreamliner is headed for another delay, capping off another bad week for the aerospace company.
On the same day that Boeing learned why it lost a lucrative tanker contract, the company battled analysts’ speculation that its delay-plagued 787 Dreamliner has hit another setback. Boeing said it’s assessing the rapid-selling 787’s schedule. But that didn’t calm nerves on Wall Street, sending Boeing’s stock down $2.91.
Overall, Boeing’s shares have declined nearly $7.50 since Feb. 29, when the company found out its competitor, Northrop Grumman and EADS, won a $35 billion Air Force contract supplying the government with tankers based on an Airbus commercial jet.
On Friday, Richard Safran, a Goldman Sachs analyst, indicated that problems on the 787 likely will delay the jet’s first flight, anticipated in June, and its first delivery by as many as six months.
“Boeing continues to underestimate the amount of work required on the 787,” wrote Safran, in a note to investors on Friday.
Originally, Boeing planned to deliver its first mostly carbon-fiber composite 787 jet in May 2008. But troubles with the 787’s global supply chain as well as difficulty piecing the first Dreamliner together in Everett forced several official delays.
Most recently, in January, Boeing acknowledged the latest schedule slip, saying the Dreamliner won’t make its maiden flight until late June. The company said it wouldn’t deliver the first 787 — to All Nippon Airways of Japan — until early 2009 but declined to provide additional schedule details.
On Friday, Boeing spokeswoman Yvonne Leach said the company is still working through the schedule with customers. She expects those discussions to wrap up in late March or early April when Boeing officials will provide further information.
Goldman Sachs’ Safran cut his expectations for 787 deliveries in 2009 to 50 planes from 80, and lowered his 2008 earnings forecast for Boeing to $6.90 per share from $7.00.
The aerospace giant relies on partners in Japan, Italy, South Carolina and Kansas to build major sections of its 787 Dreamliner and ship them to Everett. Workers here eventually are expected to turn out one Dreamliner every three days.
Boeing has made adjustments recently to focus on getting its 787 on track.
“We’ve got the best of the Boeing team working on that program,” Boeing Chief Executive Jim McNerney said in January.
In February, the company halted work on a short-haul version of the Dreamliner, the 787-3, shifting most of those employees over to the 787-8. Boeing also temporarily stopped transfers of some manufacturing engineering workers off the 787 line until July. The company additionally has enforced mandatory overtime for “pockets” of 787 workers.
Boeing has won more than 850 orders for its 787 Dreamliner.
The Associated Press contributed to this report.
Reporter Michelle Dunlop writes about Boeing on her Aerospace blog at www. heraldnet.com. Reach her at 425-339-3454 or mdunlop@heraldnet.com.
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