Boeing Co. (NYSE: BA) today reaffirmed its outlook for 2007 and 2008. The outlook, which calls for strong double-digit earnings and revenue growth, is consistent with the new 787 Dreamliner jet. Naturally, the stock is down 0.9% to $95.59 with less than an hour left in the trading day. Investors, or at least it seems these days, always want more. The outlook in numbers: $4.55-4.75 earnings per share (EPS) and $64.5-65 billion in revenue for 2007; $5.55-5.75 EPS and $71-$72 billion in revenue 2008. The company will probably pay higher dividend for 2008.

These are crucial times for Boeing. The company has 568 orders lined up from 44 companies for the new jet and had just opened an assembly plant for the Dreamliner on Monday in Everett, Washington. The 787 parts will be flown from all over the world and be put together into the Dreamliner in the new plant.

July 8 was set as the date the first airplane should be ready with the first flight scheduled for mid-August. That's provided everything works well, of course. All Nippon Airways, Boeing's first customer, should receive its first Dreamliner in May, 2008. It's definitely crunch time for Boeing, as Stanley Holmes writes in BusinessWeek. So if there are no more delays from suppliers (as there have already been), other production challenges, and if Boeing can overcome the fastener shortage (currently the fuselage is held by temporary fasteners), then, perhaps, Boeing might make it in time and start collecting the money -- most of the money is collected during the delivery.

To add to investors' concerns, Boeing's Chief Executive Jim McNerney said that he expects a third airplane maker to emerge, probably in China, to challenge Boeing and its rival Airbus in coming decades. However, McNerney also said Boeing is considering buying back additional company stock.

No doubt there are challenges ahead in Boeing's near-future, but I trust the company can overcome them relatively painlessly if the path it took to where it is today with the Dreamliner is any indication of management and engineering quality.