(Reuters) - Boeing Co (BA.N) said on Tuesday it has delayed first delivery of the 787 Dreamliner to the third quarter from the first quarter after an electrical fire on a test flight in November.

Many industry experts had long expected the delay to Japan's All Nippon Airways (9202.T), but opinions differed on how long it might be.

The company said the new delivery date reflects the impact of the November fire and the time required to produce, install and test updated software and new electrical power distribution panels in the flight test and production planes.

"This revised timeline for first delivery accommodates the work we believe remains to be done to complete testing and certification of the 787," said Scott Fancher, vice president and general manager of the 787 program, in a statement.

"We've also restored some margin in the schedule to allow for any additional time that may be needed to complete certification activities," Fancher said.

Boeing, which competes with European rival Airbus, an EADS (EAD.PA) component, has been gradually returning airplanes to the flight test program.

The Dreamliner has been delayed repeatedly due to snags in the supply chain and labor disputes. Boeing last revised the 787 delivery schedule in September because of a delay in the availability of a Rolls-Royce (RR.L) engine needed for the final phases of flight testing.

Boeing said financial forecasts and anticipated initial 787 deliveries for 2011 will be discussed during the company's earnings call on January 26.

"We are pleased, as it should settle some investors' fears," said Alex Hamilton, managing director of EarlyBirdCapital. "That said, they haven't done a good job of achieving the goals of the 787 schedules."

Shares of Boeing were up about 1 percent in premarket trading.

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