Boeing 787 delays will not affect earnings
A report in The Age and Sydney Morning Herald says that Qantas says a delay in the delivery of its Boeing 787 Dreamliner aircraft will not materially affect its operations.
Qantas also said there was no reason to change its earnings forecasts.
Boeing today pushed back first deliveries of its 787 Dreamliner by at least six months as it struggles to assemble the new lightweight, carbon-composite plane.
The delay is an embarrassing setback for Boeing, which has for months insisted it would meet its delivery timetable as rival Airbus did last year with its troubled A380 superjumbo.
Chief Executive Geoff Dixon said Boeing this morning had assured Qantas that the 15 Dreamliners scheduled for delivery between August 2008 and December 2009 would all be delivered by the 2009 date.
“Boeing said the August 2008 aircraft would slip, but not by six months,” he said.
“Once that aircraft arrives, the remaining 14 aircraft deliveries will be staggered until December 2009.”
Qantas has 65 firm orders for the 787s, 20 options and 30 purchase rights, with the first 15 aircraft scheduled for use by Qantas’ low cost offshoot Jetstar for its international operations.
Mr Dixon said Qantas had contingency plans for any short-term capacity shortages.
“Once Boeing confirms a revised delivery schedule we will assess the need for any other measures such as delaying the retirement of aircraft,” he added.
“Compensation issues will be the subject of commercial negotiations between the Qantas and Boeing companies.”
Mr Dixon said Qantas saw no reason to change earnings forecasts.
Boeing, which has orders for more than 700 of the 787 planes from 48 airlines and leasing companies, said the delay would not affect earnings and it kept its financial forecast for this year and next unchanged.
Boeing shares fell $US2.46, or 2.4 per cent, to $US98.84 on the New York Stock Exchange.
The Chicago-based company said 787 deliveries were slated to begin in late November or December 2008, versus an original target of May 2008.
A Report by The Mole from The Age and Sydney Morning Herald
John Alwyn-Jones
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