General Electric‘s quarterly earnings results were a “disgrace,” but new CEO John Flannery will turn things around, CNBC’s Jim Cramer said Friday.

Shares of GE fell more than 8 percent at one point in Friday’s premarket, its worst drop in more than eight years, after it reported a huge third-quarter miss. It was down about 3 percent in the first 30 minutes or regular trading.

In his first earnings report as CEO, Flannery called the quarter “very challenging.” “While a majority of our business had solid earnings performance, this was offset by a decline in Power [segment] performance in a difficult market,” he said.

Though disappointed, Cramer said on “Squawk on the Street” that the earnings report is a reflection of the company’s previous chief executive, Jeff Immelt.

“This is not a report card on Flannery,” said Cramer, who personally owns GE stock, as does his charitable trust. “This is basically a statement on all the things they’ve done wrong.”

The company cut its forecast for the year. It lowered estimates for its 2017 adjusted earnings per share to a range of $1.05-$1.10, from $1.60-$1.70.

“It’s a disgrace, what happened here,” Cramer said. “This was a great American company. And Mr. Flannery is going to return it to a great American company.”

“The most important thing is that this is the last of the Immelt numbers,” the host of CNBC’s “Mad Money” said.

Immelt did not immediately respond to a CNBC request for comment.