Dreamliner Delays Disjoint Boeing

Updated from June 23 with analysts' comments.

The latest problem for Boeing(BA Quote) involves about three dozen stress points, each one to two square inches, where the 787 Dreamliner's wings are joined to the aircraft's body, and the amount of stress at the joint is higher than anticipated.

On the one hand, with airplanes, it is good to catch problems early. On the other hand, the first test flight for the long-awaited 787aircraft will be delayed indefinitely. The first 787 delivery was once scheduled for May 2008.

One other notable event in the time period: Less than two weeks ago, at the Paris Air Show, Boeing reaffirmed that the first test flight would take place this month.

Investors don't like repeated delays in product introductions, no matter how desirable the product is. "This enormously complex program continues to throw a new curve ball every six months, technically and financially," wrote analyst Peter Arment of Broadpoint AmTech, in a report Wednesday.

The Boeing 787 Dreamliner

Analyst Mike Derchin of FTN Equity Capital wrote Wednesday that deliveries have been delayed four times and said, "The delays have been costly in terms of billions of dollars in added expenses, penalties and credibility."

Also Wednesday, analyst Rob Stallard of Macquarie Research wrote that he still rates Boeing outperform but concedes expectations for the 787 program, limited as they were, are not being met. "We thought first flight by the end of June should have been a low-risk proposition given comments by management last week at the Paris Air Show," he says. "We had been more concerned about the ability of Boeing to make first delivery on time as well as how fast it could ramp production."