Boeing delays Dreamliner test flight again

By Kyle Peterson

CHICAGO (Reuters) - Boeing Co on Tuesday postponed the first test flight of its 787 Dreamliner for a fifth time, citing a structural problem that marked the latest blow to the credibility of the No. 2 planemaker and sent its shares tumbling 9 percent.

Boeing gave no new date for the flight or the first

delivery, which also would be rescheduled. The revolutionary carbon-composite aircraft, already two years behind its original schedule, was to fly in the second quarter of 2009.

"Obviously we are all anxious to see this airplane fly, but it's important that it flies when it's ready to fly and when we have high confidence in what we can accomplish with it in flight tests," said Scott Carson, chief executive of Boeing Commercial Airplanes on a conference call with analysts and

reporters.

Boeing said it delayed the test flight to reinforce an area within the side-of-body section of the aircraft. The fix itself is relatively inexpensive and does not raise broader concerns about the aircraft, the company said.

"It's a setback that's going to disappoint investors.

Boeing's shares will suffer a near-term setback," said Jack Ablin, chief investment officer at Harris Private Bank.