A Tesla engine for your boat? Done!

Can Brunswick Corp. sail higher?

With the sunshine and warm weather returning to the East Coast, Jim Cramer has been thinking about summer time—and his 17-foot Boston Whaler.

Brunswick Corp is the world's top maker of recreational boats and boat engines, with a side leg dedicated to billiards tables and fitness machines.

The company reported last week and missed Wall Street's estimates, partially because they took a hit from the strong dollar and partially because it invested heavily to generate future growth.

As a result, investors sunk the stock 7 percent in a single session last Wednesday.

"At these levels, I think Brunswick is darned cheap," the "Mad Money" host said.

Dusty McCoy, chairman and CEO of Brunswick Corp.
Adam Jeffery | CNBC

The stock currently trades at only 14.7 times next year's earnings estimates, and Cramer expects the stock to pick up later in the year now that the dollar appears to have peaked.

Could this be the perfect summer stock play? To find out, Cramer sat down with Brunswick CEO Dusty McCoy.

McCoy said the boat industry is struggling to get back to the number of boat sales that existed before 2007, when they took a big hit. But the CEO also noted that certain segments of the business are already above 2007 levels.

"What we are doing is, in our company, we've got to go to where these consumers are going, to be there waiting on them. And that's led a lot of our great earnings growth, margin growth and ultimately our stock price," McCoy said.

The CEO told Cramer that currency has affected Brunswick, increasing the cost of a boat by 20 percent in Canada. However, he didn't complain about currency issues. As far as he is concerned, his company did not take advantage of it when currency was in its favor, so he is not going to complain when it is not.

"We look around the world and one of the things we try not to do is whine about currency. We've left our thesis intact; our guidance has not changed. We're just going to have to deal with this," McCoy added.

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Cramer also asked if one day there could be a possibility of a Tesla-like engine for a boat. Believe it or not, it already exists! McCoy confirmed that they have been testing it for years at the Miami boat show.

"They haven't gotten there yet…They like the smell of the diesel and the feel of the engine. They feel there is a little more independence if they don't use batteries. But we've done being able to charge a battery with a diesel engine, including using solar panels, and the boats are wonderful," McCoy added.

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