Shares of Honeywell  (HON) were gaining by 2.78% to $127.21 on Friday morning, after the technology and manufacturing company reported better than expected first quarter financial results.

Honeywell's earnings, normalized for tax, came in at $1.66 per share on revenue of $9.49 billion for the most recent quarter.

Analysts had forecast earnings of $1.62 per share on revenue of $9.33 billion for the first quarter. The company's 2017 guidance also topped analysts' expectations.

The company credited each business with contributing to its strong quarterly report, noting stand out performance in its aerospace and global distribution business, performance materials and technologies, advanced materials, and safety and productivity solutions.

This was the last quarter with Dave Cote as the company's CEO, who stepped down March 31st, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

Incidentally, Cramer had Cote on his "Mad Money" TV show in early April, after he added Cote to his "Wall of Fame" for being such a great leader and businessman

Getting back to Honeywell's results, Cramer was impressed by its generation of free-cash flow, as well as the strength in its commercial aerospace and home and building technologies divisions. 

Cramer also pointed out that management raised the lower end of its full-year guidance, now expecting earnings per share growth of 7% to 10% in 2017. The company continues to do an excellent job getting rid of underperforming business units and adding ones with superior gross margins and solid growth, he added. 

"I do think that Honeywell is going higher," Cramer concluded. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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

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