Analysts expect the Morris Plains, N.J.-based conglomerate, which makes navigational systems for aircraft, to report net income of $1.58 a share on sales of almost $10 billion. During the same quarter a year ago, the company posted profits of $1.43 a share with revenue of almost $10.3 billion.
Honeywell shares closed Thursday at $97.97, up just over 1%.
"I put it like that because we had a kind of downbeat cash flow number from Boeing on Wednesday and it took a lot of people away because the aerospace cycle has not peaked," Cramer said.
"But then United Technologies, which is agnostic -- they are in Airbus, too -- made you think that maybe this is a share game and that Airbus is getting far more orders because they are priced in euros."
Although Cramer said Honeywell is about half of what United Technologies is in terms of aerospace.
"When Honeywell reports on Friday, I do think CEO David Cote is going to deliver a really good number -- maybe even better than United Technologies," he said.
Cramer reminds investors that Honeywell closed on a $5 billion acquisition of Elster, a gas heating technology company. "One of the things Honeywell has been able to do with its acquisitions is take out costs far more rapidly than people think," Cramer added.
Cramer said the only part of Honeywell's business that he's concerned about is its refinery chemicals space.
"Obviously there are some slowdowns in the oil patch, but they are still refining oil like mad, so I'm not that worried about it," Cramer said, adding that he thinks investors should buy half of Honeywell ahead of the quarter and the other half after it reports, because shares of Honeywell sometimes declines following its earnings release.
Cramer said he isn't concerned that Lockheed Martin bought the helicopter maker. Lockheed Martin is a holding of his charitable trust, Action Alerts PLUS.