Cramer: Disney's movie 'hit machine' delivers the best consumer product aside from Apple

  • Disney Chairman and CEO Bob Iger deserves praise for the company's string of successful blockbuster films, CNBC's Jim Cramer says.
  • "The hit machine is better than any other consumer product that I've seen other than Apple," Cramer argues.

Disney Chairman and CEO Bob Iger deserves praise for the company's string of successful blockbuster films that crushed expectations and helped drive revenue, CNBC's Jim Cramer said Wednesday.

The Dow component "is a hit machine," Cramer said on "Squawk on the Street," adding that other entertainment businesses haven't been as successful in repeatedly producing big hit movies.

"Bob Iger is not only not getting enough credit for this hit machine but the hit machine is better than any other consumer product that I've seen other than Apple," argued Cramer, whose charitable trust owns shares of Apple. "It literally is like an iPhone 6, iPhone 7, iPhone 8."

Disney, after-the-bell Tuesday, reported quarterly earnings that topped Wall Street expectations. Revenue also beat forecasts, with strong results for the media and networks, parks and resorts, and movie studio units.

Bob Iger, Chairman and Chief Executive Officer of The Walt Disney Company.
VCG | Getty Images
Bob Iger, Chairman and Chief Executive Officer of The Walt Disney Company.

Marvel's "Black Panther" helped drive growth in Disney's studio entertainment business that saw 21 percent year-over-year revenue growth. Iger told analysts late Tuesday Disney "delivered nine of the top 10 biggest domestic box office openings of all time; all of them released within the last six years."

Cramer, host of "Mad Money," was impressed by that statistic. "No company has the ability to produce something every single quarter."

"All the companies that make movies have always to say, 'Look, it's not episodic. We can make movies every quarter that are big hits,'" Cramer continued. "And it's always been wrong."

The latest Disney earnings report comes after news that its mega-deal to acquire most of Twenty-First Century Fox's assets might see a rival bid. Sources told CNBC on Monday Comcast is preparing to make an offer in mid-June, if the U.S. government approves AT&T's proposed acquisition of Time Warner.

Disney shares were under pressure in early Wednesday trading on concern the company might have to pay more for those Fox assets now that Comcast is interested.

— Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.