"This is a very cheap stock," Cramer said on "Squawk on the Street," after the company posted better-than-expected first-quarter earnings. Shares of Delta closed up nearly 1 percent.
The airline reported diluted earnings per share of $1.32, above the expected $1.30.
"Here's what I really like about it: Capacity is not going to increase nearly as much as I thought," Cramer said. "They're talking about a 2-to-3 percent increase in capacity; there were a lot of concerns when these stocks took their big swoon, that it might be a 4-to-5 percent capacity increase."