Big-time industrial players General Electric Company (GE) - Get Report and Honeywell International Inc. (HON) - Get Report are gearing up to report earnings on Friday before the open. So what should investors expect heading into the results?

When it comes to GE, "I think [the results will be] terrible," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said from the floor of the New York Stock Exchange.

Hopefully, though, the company's results will be better than they were in the first quarter, when General Electric turned in negative cash flow. Cramer said the Action Alerts PLUS charitable trust portfolio is stuck in GE, which has been a poor performer.

However, the company is getting a new CEO in John Flannery. Cramer said it would be wise for management to "kitchen sink" the quarter -- basically setting a lower bar for them to hurdle in the future.

GE continues to struggle with its various businesses. Oil, turbines and locomotives are not doing well and it needs to find a way to cut $2 billion in costs. The company "badly" needs someone from activist investor Nelson Peltz's Trian to get a seat on the board.

"I wish that would happen," Cramer said, adding that right now GE is the "most complacent company on earth."

The least complacent industrial giant? Honeywell. "I think Honeywell is going to have a remarkable quarter," Cramer said, adding that new CEO Darius Adamczyk will continue the good work Dave Cote did.

The company could consider selling its "amazing aerospace business," Cramer said. And even though he likes that business, Honeywell has proven time and time again that it can buy and sell amazing businesses. It's got a good track record, he concluded.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.