General Electric's (GE) - Get General Electric Company (GE) Report quarter probably won't be pretty.

TheStreet's Action Alerts PLUS portfolio manager Jim Cramer awaits quarterly results from General Electric (GE) - Get General Electric Company (GE) Report and Honeywell (HON) - Get Honeywell International Inc. (HON) Report , released on Friday before the markets open. "I think they will be terrible," Cramer said in an interview about GE's results. 

The only savings grace may be what a new CEO tells analysts on a conference call.

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John Flannery, a career GE executive, is set to take the CEO's chair on Aug. 1 from Jeffrey Immelt, whose popularity with investors waned as GE shares moved sideways in recent years. Activist Nelson Peltz's firm Trian Fund Management took a stake in the firm in 2015 and pushed for improvements. Although Trian didn't explicitly demand Immelt's departure, GE announced plans earlier this year to cut $2 billion in costs.

Shares of GE have plunged about 15% this year. Its shares fell 2.8% to $25.93 early Friday afternoon.

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