Boeing announced a third delay in the plans to build the 787 Dreamliner on Wednesday.

No big surprise however, as the delay was widely expected. The company’s shares actually climbed 4.0%, or $3.00, to $78.02, in morning trading.

Nevertheless, the 787 repeated delays are an embarrassment that could hinder Boeing in the contest with Airbus to dominate the world’s commercial air fleet. Boeing’s 787 Dreamliner is now 14 to 16 months behind schedule.

Such a delay may determine some airlines to seek compensation.

The major aerospace and defense corporation, originally founded by William E. Boeing, had planned to deliver 109 jets in 2009, but now stated it will produce only 25. The delay will surely cripple the company’s 2009 revenue as the planes are paid for upon delivery.

However, the Chicago-based company made an optimistic forecast for 2009 and said it expects the earnings to climb. The statement reassured investors and this showed as the stock went up 4%, to 77.90 in early New York Stock Exchange trading.

Boeing’s president and chief executive Scott Carson released a statement saying that unexpected rework, slow progress in assembly and problems with suppliers were the problems that obstructed the Dreamliner team from reaching the deadlines settled in January.

"Our revised schedule is built upon an achievable, high-confidence plan for getting us to our power-on and first flight milestone," Carson said.