Boeing said it "continues to address challenges associated with assembly of the first [787] airplanes," but added that it still expects the first test flight by the end of June 2008 and the first delivery in early 2009.

Critical data points

Independent stock analyst C. Leonard Bauer told BloggingStocks Wednesday that Boeing's Q4 performance was good, but that pivotal metrics regarding Boeing's status will occur in 2008.

"Two data points of consequence: the length of the current aerospace cycle and the delivery deadline for the 787 Dreamliner," Bauer said. "Some analysts are arguing that we'll begin to see the first signs of the end of the aerospace order boom, or as we call it the order cycle, in 2008. I disagree. It should last through at least 2008, into 2009 on solid Asia and Middle East orders, which will boost Boeing. Second, the ability of Boeing to test and deliver the first 787 on time is critical. If Boeing tests and delivers the first 787s on time, the outlook for Boeing will remain very promising." Bauer added that he does not have a rating for Boeing, nor own any of the company's shares.

Boeing said it booked an industry-record 1,413 net plane orders in 2007, beating Airbus, which booked 1,341.

In Q4 2007, Boeing delivered 112 commercial planes, up from 103 in Q4 2006. For 2007, BA delivered 441 planes, compared with 453 for Airbus.

Global battle

United States-based Boeing and European Union-based Airbus are engaged in a global battle not only for market share of commercial airline miles flown, but also for which air travel model will best meet the needs of air travelers in the initial decades of the 21st century.

Boeing argues that point-to-point, fast, comfortable air travel characterized by the next-generation Dreamliner will be the era's defining air travel flight. Conversely, Airbus argues that superjumbo air travel, which features lower ticket prices, larger seating capacity and longer ranges, will be the flight most preferred by airlines and air travelers.