Nov. 14 (Bloomberg) -- Boeing Co. postponed deliveries of the new 747 models and the first 777 freighter, blaming issues including design changes, the 787 Dreamliner's delays and a machinists' strike that stretched for eight weeks.

The first 747-8 freighter will ship in the third quarter of 2010 instead of late 2009 and the first passenger model's delivery moves to the second quarter of 2011 from late 2010, the company said in a statement. The 777 freighter will enter service in the first quarter of 2009, rather than this quarter.

Boeing aimed to start Dreamliner deliveries last May and divert those engineers to the 747-8, its biggest plane and a competitor to Airbus SAS's A380 superjumbo. That plan didn't work because the 787, already more than 15 months behind schedule, has been further postponed by a 57-day machinists strike that ended Nov. 2. Engineers will vote next week on a contract offer agreed to today by union leaders, who had also threatened a strike.

Boeing's ``plan was decent, the execution was not,'' said Howard Rubel, a New York-based analyst with Jefferies & Co. who has a ``buy'' rating on the stock. ``This reset has a very good chance of holding up, as long as the engineers decide not to strike.''

Boeing fell $2.12, or 4.9 percent, to $41.04 at 4 p.m. in New York Stock Exchange composite trading, the lowest closing price since April 2004. The stock has declined 53 percent this year.

``We've pulled engineering resources from other parts of Boeing as well as outside engineering firms to fill the gap'' as the 787's development has taken longer than expected, said Tim Bader, a Boeing spokesman in Seattle. ``It takes time for them to become fully integrated into the program and its processes, so it's not as easy a transition as it would have been.''

Extra Work

Engineers have also had extra work on the 747-8 to fulfill promises to customers on fuel efficiency and operating costs, Bader said. The wing was lengthened, swooping tips were added, the flaps were simplified and the edge was changed, all of which meant the section attaching it to the body had to be strengthened.

``There was a lot of work that was driven by the enhanced wing design,'' Bader said. ``When you make those kinds of changes, it requires changes throughout the airplane.''

Boeing has said the machinists' work stoppage, which idled the Seattle-area manufacturing hub, will cause at least a day- for-day delay to all commercial planes. The walkout compounded problems with improperly installed fasteners on Dreamliner test jets and faulty parts from suppliers on the 737. Boeing said Nov. 4 that the Dreamliner's first flight would be pushed back an unspecified amount of time and said Nov. 12 that 737s in production may be further delayed while workers replace nutplates lacking an anti-corrosive coating.

747-8 Sales

Boeing has sold 78 of the 747-8 freighters, valued at $296 million at list prices, and 27 of the passenger version, which has a $293 million price tag and will hold as many as 467 travelers. Cargolux Airlines International SA will receive the first freighter, and the debut passenger plane will go to Deutsche Lufthansa AG.

The company has orders from 11 customers for 75 of the 777 freighters, with the first one intended for Air France-KLM Group. That program's delay is entirely due to the machinists' work stoppage, said Boeing spokeswoman Carrie Thearle.

The company may have a ``difficult balancing act'' in trying to avoid disruptions on the 747 assembly line if there's a gap between the remaining deliveries of the last model, the 747-400, and the start of production on the 747-8, said Joseph Nadol with JPMorgan. Idling a line is costly for both Boeing and suppliers.

The New York-based analyst, who has a ``neutral'' rating on Boeing stock, lowered his 2009 earnings estimate today by 35 cents and his 2010 projection by 45 cents, saying Boeing will earn $5.40 a share in both years now.

`Negative News Flow'

``We expect continued negative news flow out of Boeing as it updates its guidance through the end of the year and into early 2009,'' Nadol wrote.

Boeing said today it will give a ``post-strike'' assessment to the schedule for all its commercial programs at a later date.

Negotiators for Boeing and the Society of Professional Engineering Employees in Aerospace, who have been in final talks at a hotel near Seattle since Oct. 29, reached a tentative agreement today. Union members will have until Dec. 1, the day the current contract, expires, to vote on the proposal, which was reached with the help of a federal mediator and which union leaders said they support.

To contact the reporter on this story: Susanna Ray in Seattle sray7@bloomberg.net

Last Updated: November 14, 2008 16:31 EST