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TheStreet Open House

Boeing Ascends After First 747-8 Flight

Stocks in this article: BA

EVERETT, Wash. ( TheStreet) -- Boeing (BA - Get Report) shares were rising Monday morning after the aircraft maker successfully carried out the first test flight of its 747-8 aircraft.

The airplane took off from Paine Field in Everett on Sunday and landed four hours and 25 minutes later at Boeing Field in Seattle. The test flight program is expected to conclude in the fourth quarter. More than 600 test flight hours are planned.

Boeing's new 747-8 aircraft made its first successful test flight Sunday.

During Sunday's test, the aircraft followed a route over eastern Washington, reaching a cruise altitude of 19,000 feet and a speed of around 288 miles per hour.

"This is a great day for the 747-8 team and for all of Boeing," said Elizabeth Lund, general manager of the 747-8 program. "What an honor it is to see such a beautiful airplane fly."

Boeing said the new model 747 will have the lowest seat-mile cost of any large commercial jetliner, with 12% lower costs, 16% fewer carbon emissions and a 30% smaller noise footprint than its predecessor, the 747-400.

Launch customers Lufthansa and Korean Air have ordered 33 copies of the aircraft, and Air China has agreed to order five pending government approval. Boeing is among the U.S. companies best-positioned to benefit from China growth.

In early morning trading, Boeing shares were rising 3.43% to $71.41.

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed

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