A much better-than-expected earnings report from aircraft manufacturer Boeing was a "living, breathing example" of how wrong Wall Street can be, CNBC's Jim Cramer said Wednesday.
Some analysts had expected an abysmal quarter from the aerospace titan, Cramer said on "Squawk on the Street." But its strong earnings report released before the markets opened is a sign that investors shouldn't bet against Boeing CEO Jim McNerney, and that they need to get bullish on the aerospace industry as "the strongest part of the world economy," Cramer said.
"Boeing is going much higher," said Cramer, whose charitable trust owns shares of the aircraft maker. "Boeing is going back to where it was, before the swoon. ... McNerney? He delivers. The man's got a 20-year plan."
Read MoreBoeing's quarterly revenue rises 8 percent
Boeing beat expectations on both the bottom and top line, and aircraft deliveries rose 18 percent during the quarter.