AT&T (T - Get Report)  shares are up nearly 1% Friday thanks to the company topping earnings-per-share estimates and raising its full-year guidance. 

This is a "standout quarter," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. The company's free-cash flow was good, too, while revenue climbed aggressively following the company's acquisition of DirecTV.

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AT&T T data by YCharts

What concerned many investors was AT&T's dividend. The phone company's accounting and reporting metrics are fairly complicated, in part because of the DirecTV deal, Cramer said, and that has given analysts trouble in recent quarters. 

However, DirecTV offers a valuable product to consumers and AT&T was able to create a number of synergies under the acquisition. So with the company's strong cash flow results, Cramer said he feels "much better" about AT&T being able to keep paying its dividend in future.

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