Script:

Though last two years have been a smooth flying for Boeing. The stock up about 50% now at 96 dollars and 77 cents a share. This week, Boeing unveils its 787, it’s also two years since Jim MacNerney took over the company, and has seemingly made it fly right. Phi Lebeau is On the Money tonight.

As Boeing prepares to debut its new 787 Dreamliner, the company has seldom flown higher. Orders for the new plane are pouring in. Boeing stock is close to an all-time high. And CEO Jim MacNerney has revitalized the company once in crisis.

When you look at how far Boeing has come, you’ve got to put it in MacNerney’s hands. It’s all about how carefully they marketed the 787 and how well planned they went after a segment of the market that Airbus ignored. But history shows now that all the airlines are waiting for Boeing to step forward.

MacNerney took over Boeing after its two previous CEOs, Harry Stonecipher and Phill Condit, resigned following scandals. At the time Airbus and its massive A380 easily collected more orders than Boeing, with the outlook was subdued at best. But since then, Boeing’s taken off. Dreamliner order soared as airlines and leasing companies lined up for the composite-based plane that will be 20% more fuel-efficient. Today, Boeing 651 Dreamliner orders are almost four times more than Airbus’ A380, which has been delayed due to production problems. And Boeing stock has surged more than 48%, fifth best in the Dow over the last 2 years and easily better than the Index’s 30% return.

While Boeing may be on top right now, Jim MacNerney’s next challenge is taking the company even higher, that means not only making sure the 787 launch and deliveries go as planned, but also preparing his company for the next downcycle in the aircraft industry.

Boeing, I think has already led the way when it comes to dampening the cycles of the industry. Because they have a lot of people to book options and delivery positions that aren’t necessarily hard financial commitments. So they already have a mechanism and I think they are finetuning that, but they are already making a lot of progress.

The right man, at the right time, for a company finally getting things right.

On the Money, Phill Lebeau, CNBC, Chicago.

Notes:

The Boeing 787 Dreamliner is an American mid-sized, wide-body, twin engine jet airliner currently in production by Boeing's Commercial Airplanes division and scheduled to enter service in May 2008. It will carry between 210 and 330 passengers depending on variant and seating configuration. Boeing has stated that it will be more fuel-efficient than earlier Boeing airliners. It will also be the first major airliner to use composite material for most of its construction.

Finetune: To make small adjustments in for optimal performance or effectiveness