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NEW YORK (TheStreet) -- General Electric (GE) - Get General Electric Company Report reported earnings Friday, and TheStreet'sJim Cramer told Debra Borchardt the time to buy is now.

While GE earnings and revenue were essentially in line, industrial margins expanded and orders increased by 19%.

Cramer said the stock is up 10% on the year and pays out a 3% dividend yield. He's optimistic on GE thanks to its shift out of the complex financial services business and into simpler growth businesses such as oil drilling and jet engines.

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Because of the switch, General Electric will be able to focus on businesses with expanding margins and increasing leverage and orders, Cramer said. "This one is going to take off," he predicted, noting a rebounding European economy will also help.

Cramer concluded the stock is definitely a buy with its aggressive moves into the oil and aerospace markets, two industries with projected multi-year growth.

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.