Cramer: Nike is a money-making machine

CNBC's Jim Cramer praised Nike on Friday after the company announced its latest buyback program.

"It's a remarkable company and it deserves all the accolades because it just keeps making money for shareholders," Cramer said on "Squawk on the Street."

The Dow component said Thursday it would buy back $12 billion in stock over four years. The company also raised its quarterly dividend by 14 percent and announced a 2-for-1 split.

Shares of the Oregon-based company rose about 5 percent in early trade Friday, contributing most of the gains on the Dow Jones industrial average.

"My daughter lives in Oregon, and they should rename the state Nike," Cramer said.

Nike's stock YTDSource: FactSet