Serial naming deficits have been identified as core symptoms of developmental dyslexia. A prominent hypothesis is that naming delays are due to inefficient phonological encoding, yet the exact nature of this underlying impairment remains largely underspecified. Here we used recordings of eye movements and word onset latencies to examine at what processing level the dyslexic naming deficit emerges: localized at an early stage of lexical encoding or rather later at the level of phonetic or motor planning. 23 dyslexic and 25 control adult readers were tested on a serial object naming task for 30 items and an analogous reading task, where phonological neighborhood density and word-frequency were manipulated. Results showed that both word properties influenced early stages of phonological activation (first fixation and first-pass duration) equally in both groups of participants. Moreover, in the control group any difficulty appeared to be resolved early in the reading process, while for dyslexic readers a processing disadvantage for low-frequency words and for words with sparse neighborhood also emerged in a measure that included late stages of output planning (eye-voice span). Thus, our findings suggest suboptimal phonetic and/or articulatory planning in dyslexia.