Cramer On Honeywell's Guidance Update: 'This Does Not Make Sense'

Shares of Honeywell International Inc. (NYSE: HON) were trading lower by more than 8 percent on Friday after the company provided an update to its third quarter guidance.

Honeywell now expects to earn around $1.60 per share in the third quarter on revenue of around $9.8 billion after previously guiding for an earnings per share to be in a range of $1.67 to $1.72 on revenue of $10.0 to $10.2 billion.

Honeywell also guided its fourth quarter sales to be $10.1 billion to $10.3 billion and earn $1.74 to $1.78 per share.

Jim Cramer commented on Honeywell's guidance during Friday's segment of "Squawk On The Street."

Cramer noted that while some are arguing that Honeywell merely lowered the high-end of its guidance, the company in fact lowered its entire guidance. He pointed out the fact that the company is expecting its organic sales to be lower by 3 percent. He noted that Honeywell "ripped up" its guidance, which was just communicated to investors at an Analyst Day earlier this year.

Cramer said the aerospace sector has been a major driving force of the U.S. economy and Honeywell's announcement could suggest the Street has been "too bullish." If this is the case, then many aerospace-related companies won't have a lot of "good things to say about a line item that is very important for the U.S. economy."

"This does not make sense," Cramer said in referring to the company's surprising update. "Maybe it will be clarified by the end of the day but people are shooting first and asking questions later."