Behind Your Business

When the long-delayed Boeing 787 Dreamliner finally takes wing above Washington State in its first test flight later this month, much will be riding on its sleek, carbon-fiber back. Some 56 buyers, ranging from Etihad Airways in the United Arab Emirates to Northwest Airlines, have ordered 866 of the planes -- enough to keep Boeing busy for more than a decade. This state-of-the-art plane, slated to make its first commercial flights with Japan's All Nippon Airways early next year, will set the Chicago-based manufacturer apart from Airbus and other rivals for years to come.

But one thing the plane won't do is give Boeing much of a financial lift -- at least not for several years. First, Boeing will need to recover its research-and-development costs, estimated at $3.5 billion to $4.5 billion. What's more, initial customers are expected to pay a discounted price of $130 million to $170 million per plane. That's far less than what Boeing pulls in on such tried-and-true models as the 747, a bigger plane that can retail for more than $300 million. At first, a Boeing spokesman says, the new plane will be a "zero-margin" affair.

Even when the Dreamliner is up and running, most carriers are likely to stick with a workhorse jet, such as the 737, with seats for 130 to 200 passengers. The new Dreamliner will be stunning in terms of fuel-saving technology -- it burns 20 percent less fuel than similar planes -- and offer such passenger-friendly features as a touch more humidity in the air. But the twin-aisle plane, with room for 210 to 300 passengers, is best-suited to intercontinental flights. It would make little economic sense to use it on the workaday, short-haul flights that are the mainstays of the airline industry.

More immediately, the Dreamliner will do little to raise overall...