That is disappointing. LN001 has really kicked their arse and they don’t seem to as yet have a handle on it. Every call they keep noting all the progress they made, but on the next call they keep noting how much work they still had to do.

That LN002 arrived 50% complete is a good sign and that LN003 will arrive 75% complete is even better. But LN001’s problems have really snowballed the whole chain since it is holding up moving LN997 and LN998 to the static test areas so they can get LN002 forward and make room for LN003 (and then LN004).

To the callers credit during Q&A they keep hammering Boeing on what, exactly, is holding up LN001 but Pat and Scott keep dancing around it. Now I don’t expect a line-item detail report, but to quote Chris Rock on the progress of Jerry’s Kids - “Give us something!”

Again, for a third time there was very little as to what traveled work is causing such a headache on the first 787. I mean, its almost a YEAR since it was shown/rolled out and it STILL hasnt got to power on.

It keeps being pushed back with no signs of forward momentum.

A) Boeing looked at how the 777 was scheduled when it was developed, and lopped off several months for the 787.

2) The new technologies (composite structures, all-electrical systems, etc.) required an unprecedented amount of testing to substantiate their performance.

iii) The business model of using supplier-partners and giving them a very high level of responsibility in the define and build process (traditionally shouldered by Boeing itself) showed uneven results. Some suppliers have stockpiles of completed major assemblies, waiting for Boeing to give them the green light for delivery to Everett. Other suppliers, most notably Vought which finally had to be bought out by Boeing, are still struggling to unfuck themselves.

I say that Boeing should stage Rollout II of LN1 on 7/8/08, then roll it right back into the factory to complete assembly. Repeat annually as needed.

Of course, some people are going to say “the “spin meisters” are up to the same thing and how will be believe them this time?”

I think Boeing has a much, much more understanding and grasp of what the situation is and they are adding an extra buffer with the six months.

Patrick Shanahan’s “bullet points” was very important in addressing many concerns.

What I was excited to hear was that there were basically no majour “glitches” in the systems, technologies, etc.

Also important was the fact the wing-box issue ostensibly seems to have been solved, which could have been a majour issues, especially given Udvar Hazy’s comments a few weeks ago.

I do believe Boeing are out to prove themselves this time and are going to make sure they are not “full of hot air” on this 3rd delay.

Looking at Boeing’s stock today (up > 3%), it seems as if Wall St. believes Boeing is going to be able to achieve its goals it has mentioned in today’s conference.

I’m quite confident in Boeing this time around.