Dreamliner delay is wake-up call for Boeing

“The stock market reacted mildly because Boeing has been reasonably forthcoming so far, but any additional delays are not likely to be received as well,’’ Hamilton wrote.

As recently as a few days ago, Boeing’s vice president of marketing continued to say All Nippon Airways would receive its launch order on time next May. (A spokesman for All Nippon said the airline was obviously disappointed by the delay, adding, “We hope to keep the impact to a minimum.”)

It’s not clear whether Boeing officials were in denial, ill informed or just hoping against hope. “It just became very obvious that no matter how much they wanted to keep suppliers’ feet to the fire, they had to come clean,’’ said Aboulafia.

He said the delay eventually could affect Boeing’s bottom line, but he still has confidence in the ultimate product. “This is still a plane that will help reinvent the industry,’’ Aboulafia said. “It still has very promising performance and no direct competitor.’’

Airbus’ competing A350 XWB has run into its own set of design problems and is five years behind the 787.

The 787 is the company’s first all-new commercial jetliner since the twin-engine 777 rolled out in 1994, and it's Boeing’s first passenger model built primarily of man-made carbon-fiber reinforced plastic, known as composite, rather than metal parts.

It’s too soon to tell how Boeing’s airline customers will deal with the delays, but Boeing surely will be paying hefty late-delivery penalties.

Continental Airlines, which has orders for 25 787s, said it doesn’t yet know what impact, if any, Boeing’s delay will have on the airline, which originally was scheduled to begin getting the models in 2009.

“Boeing is a long-term, valued business partner,” Continental Chairman and CEO Larry Kellner said in a prepared statement. “The Boeing 787 Dreamliner is destined to be a game changer, and its impact on global aviation is going to be significant for decades to come.’’

The 787 has already racked up more than $120 billion worth of airline orders, making it the biggest-selling new commercial jet in history.

But Boeing is far from being able to cash in. The company still must prove to its shareholders, federal regulators, airlines and the flying public that its Dreamliner can fly higher, faster, farther and more cheaply than its aluminum predecessors and competitors.

To do so, Boeing is relying heavily on more than 50 suppliers that are working 24 hours a day at 135 sites on four continents designing and building parts for the new plane.

“Boeing is still not out of the woods,’’ Hamilton said.

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