CHICAGO (TheStreet) - Boeing (BA) - Get Boeing Company Report says its 787 Dreamliner, now about two years behind schedule, will have its first flight by the end of 2009 and its first delivery in the fourth quarter of 2010.
It projects a production rate of 10 planes per month in late 2013. Boeing will take a third quarter non-cash charge of $2.5 billion or $2.21 per share as it reclassifies costs recorded for development of the 787.
The non-cash charge recorded for the first three flight-test airplanes will be reclassified from program inventory to research and development expense. Boeing said the program is not in a forward-loss position and the charge will have no impact on its cash outlook.
The new schedule enables the company to reinforce stress points where the 787 wings are connected to the plane's body.
"This new schedule provides us the time needed to complete the remaining work necessary to put the 787's game-changing capability in the hands of our customers," said Boeing CEO Jim McNerney, in a prepared statement. "The design details and implementation plan are nearly complete, and the team is preparing airplanes for modification and testing."
-- Written by Ted Reed in Charlotte, N.C.