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."
Boeing , and aircraft deliveries rose 18 percent during the quarter.
Delta Air Lines also surpassed revenue forecasts as the airline overcame a brutal winter for air travel that canceled thousands of flights. And profits at airlines companies means more orders for Boeing, Cramer said.
"The airlines are flush worldwide," Cramer said. "What do they do when they have money? They buy a Boeing plane."
Previously, betting on airline stocks based on passenger demand seemed like a fool's errand, but not anymore, Cramer said.
"So many people have said, 'Oh, the planes are filled, I have to go buy this stock,'" Cramer said. "It's always been a sucker's bet. Now the planes are filled, just go buy the stock."
—By CNBC's Jeff Morganteen.