Cramer was a vocal critic of CEO Robert McDonald in 2012, but on CNBC's "Squawk on the Street" Friday, Cramer admitted that he's now a "huge believer" in the wake of a "fabulous conference call" after the company "handily" beat earnings expectations.
Speaking of P&G's stock, Cramer said that "this thing can go meaningfully higher. McDonald has answered his critics. I like this guy, he means business."
P&G, which makes household staples such as Bounty paper towels and Tide detergent, reported fiscal second-quarter earnings excluding items of $1.22 per share, up from $1.10 a share a year ago.
Revenue rose to $22.18 billion from $22.14 billion a year ago.
Shares of P&G traded higher in early trading following the announcement. (Click here to get the latest quotes for Procter & Gamble: PG)
Earlier on "Squawk on the Street," Cramer was also critical of tech giant Microsoft (MSFT), calling it "your parents' stock." He said it is not a surprise investors are disinterested in the name. Cramer saw little of interest in the company's earnings conference call and jested that he was nearly bored to sleep by the company's earnings report.
Cramer was positive on Starbucks (SBUX) Friday morning, which reported a 13 percent rise in profits for its latest quarter. He called this "the age of Starbucks," referring to the company's expansion plan in China and other overseas markets.
Later in the show, Cramer predicted that American auto giant Ford Motor (NYSE:F) would "deliver a good quarter" next week when it reports earnings, and he suggested that holders of Netflix (NFLX) "take some off the table" following recent strength in the stock.
More From CNBC
Why Microsoft Is a 'Sneaky Long' Play: Pro
Cramer's Game Plan: CAT, YHOO and 10 Other Hot Stocks
Lightning Round: Synovus, Accenture & More