Shares of Carnival Corp.  (CCL) - Get Report are up about 1% Wednesday as investors gear up for the cruise line operator's earnings report on Thursday before the open.

"Carnival's great," TheStreet's Jim Cramer, manager of the Action Alerts PLUS charitable trust portfolio, said from the floor of the New York Stock Exchange Wednesday. He pointed out that travel and leisure stocks have done "very, very well as of late," and Carnival's is no exception. 

For the year, shares of Carnival are up more than 27%. Over the past 12 months, the stock is up 36% and has rocketed more than 90% over the past five years. Additionally, CCL stock pays a 2.4% dividend yield.

"I think Carnival will delivery a good quarter," Cramer said, adding that the huge drop in oil prices help. Oil is such a huge cost to cruise line operators, that the decline is prices is a big help to the bottom line. "That's a great thing," Cramer concluded.

Analysts expect Carnival to earn 47 cents per share on $3.88 billion in revenue for the most recent quarter.

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At the time of publication, Jim Cramer's Action Alerts PLUS had no position in any companies mentioned.