NEW YORK (TheStreet) -- BHP Billiton (BHP) - Get BHP Group Ltd Sponsored ADR Report shares are up 4.72% to $33.70 in market trading on Tuesday following the release of the company's third quarter earnings results.

The Australian mining company reported an 86% drop in quarterly profit from the year ago period as falling prices took their toll on the company's bottom line.

The company said that it will cut capital expenditures to $8.5 billion from its previous target of $9 billion in response to the downturn but maintained its quarterly dividend of 62 cents per share.

Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust, isn't as bullish on the company as the market is today, saying, "CEO Andrew Mackenzie is adamant that China is still growing at 7%. I think that's wishful thinking."

The company, the world's largest miner, reported a net profit of $1.9 billion after reporting a profit of $13.8 billion in the year ago period.

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BHP Billiton reported an EPS of $1.21 per share on revenue for the period that fell 22% to $52 billion.

Analysts on average were expecting the company to report earnings of $1.44 per share on revenue of $52.8 billion.

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