We analyze the queueing delay performance when random linear coding is performed over packets randomly arriving at a source node for multicast transmission over packet erasure channels. We model random coding of packets as a bulk-service queueing system, where packets are served and depart the queue in groups. In this framework, we analyze two different block-based random linear coding schemes. The first scheme involves coding over a fixed blocksize, which leads to simpler analysis but also to a delay penalty for lightly-loaded systems. The second scheme adapts to the traffic load by allowing for a variable blocksize, thereby removing the delay penalty at low loads. We provide results on the maximum stable arrival rate of packets at the source and on the queueing delay as a function of the arrival rate.