Boeing Reschedules Initial 787 Deliveries and First Flight


11 Okt 2007 [06:13h]     Bookmark and Share


  • Urlaub.digital

Financial impact not material to earnings. Earnings guidance unchanged for 2007 and 2008

CHICAGO — The Boeing Company [NYSE:BA] today announced a six-month delay in its planned initial deliveries of the 787 Dreamliner due to continued challenges completing assembly of the first airplanes.

Deliveries of the strong-selling Dreamliner are now slated to begin in late November or December 2008, versus an original target of May 2008. First flight is now anticipated around the end of first quarter 2008.

The company said the financial impact of the delay would not be material to earnings and that its earnings guidance for 2007 and 2008 remained unchanged.

„We are disappointed over the schedule changes that we are announcing today,“ said Boeing Chairman, President and Chief Executive Officer Jim McNerney. „Notwithstanding the challenges that we are experiencing in bringing forward this game-changing product, we remain confident in the design of the 787, and in the fundamental innovation and technologies that underpin it.“

Early last month, Boeing announced a delay in the planned first flight of the 787 citing ongoing challenges with out-of-sequence production work, including parts shortages, and remaining software and systems integration activities. The company also acknowledged increasing risk to the delivery schedule, indicating that the margin to accommodate unexpected issues had been eliminated. The newly revised schedule for first flight and first delivery addresses the production challenges and restores margin for the program to deal with issues that may be uncovered in final ground or flight testing. Boeing also said today that flight control software and systems integration activities are not pacing items in the revised schedule for first flight.

„While we have made some progress over the past several weeks completing work on our early production airplanes and improving parts availability across the production system, the pace of that progress has not been sufficient to support our previous plans for first delivery or first flight,“ said Scott Carson, president and CEO of Boeing Commercial Airplanes. „We deeply regret the impact these delays will have on our customers, and we are committed to working with them to minimize any disruption to their plans.

u003cp>"The most important commitment we've made to our customers is to
deliver an airplane that performs to their expectations over the long life
of the program. These changes to our schedule will help ensure we do just
that," Carson said. u003c/p>
u003cp>The company will hold a conference call to discuss the 787 schedule
changes today at 12:30 p.m. Central Time, which will be accessible at the
company's u003ca hrefu003d“http://phx.corporate-ir.net/phoenix.zhtml?pu003dirol-eventDetails&cu003d85482&eventIDu003d1667937″ targetu003d“_blank“ onclicku003d“return top.js.OpenExtLink(window,event,this)“>websiteu003c/a>.u003c/p>
u003cp>Boeing will provide its next quarterly financial performance update as
planned on October 24. u003c/p>
u003cdiv styleu003d“zoom:100%“>
u003ch1>Forward-Looking Information is Subject to Risk and Uncertaintyu003c/h1>
u003cp>Certain statements in this report may constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Words such as "expects," "intends," "plans," "projects,"
"believes," "estimates," and similar expressions are used to identify
these forward-looking statements. These statements are not guarantees of
future performance and involve risks, uncertainties and assumptions that
are difficult to predict. Forward-looking statements in this press release
include, among others, statements regarding future results as a result of
our growth and productivity initiatives, our 2007 and 2008 financial
outlook and the benefits of the IDS structure. Forward-looking statements
are based upon assumptions as to future events that may not prove to be
accurate. Actual outcomes and results may differ materially from what is
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these statements speak only as of the date they were made and we undertake
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actual results and future trends may differ materially depending on a
variety of factors, including the continued operation, viability and
growth of major airline customers and non-airline customers (such as the
„,1]
);

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„The most important commitment we’ve made to our customers is to deliver an airplane that performs to their expectations over the long life of the program. These changes to our schedule will help ensure we do just that,“ Carson said.

The company will hold a conference call to discuss the 787 schedule changes today at 12:30 p.m. Central Time, which will be accessible at the company’s website.

Boeing will provide its next quarterly financial performance update as planned on October 24.


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