Shares of Anheuser-Busch InBev (BUD 0.12%) climbed 5.3% on Tuesday after the global brewing giant announced better-than-expected third-quarter 2023 earnings.

AB InBev's quarterly revenue climbed 5% year over year, to $15.574 billion, with a 9% increase in revenue per hectoliter (hl) driven by favorable pricing actions, as well as "premiumization" and other revenue-management initiatives. On the bottom line, that translated to quarterly earnings of $1.735 billion, or $0.86 per share, up from $0.84 per share in the same year-ago period.

Analysts, on average, were only expecting earnings of $0.81 per share, albeit on slightly higher revenue of $15.72 billion.

On the strength of AB InBev's global footprint

Delving deeper into AB InBev's results, revenue grew in roughly 80% of the company's markets, including a 15.1% increase in revenue by the company's global brands -- Budweiser, Stella Artois, Corona, and Michelob Ultra -- outside their respective home markets. Domestic sales of Bud Light notably continued to suffer amid boycotts of the flagship brand, however, serving as the primary driver of a 16.6% decline in sales-to-retailers (STRs) in the United States.

CEO Michel Doukeris credited the company's earnings beat to "strength of [AB InBev's] global footprint," adding that the company continues to invest in its strategic long-term priorities.

What's next for AB InBev Stock?

For the full-year 2023, AB InBev management expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow in line with its medium-term outlook of between 4% and 8%, with revenue growth rates slightly ahead of EBITDA growth. The midpoint of that rough range for full-year revenue compares favorably to analysts' consensus estimates calling for roughly 5.5% growth.

In the end, this was as solid a performance as any bullish investor could have hoped, particularly given the combination of the current uncertain macro environment and the continued domestic underperformance of the Budweiser brand. AB InBev stock is right to rally in response, and -- if it can continue leaning on its global strength going forward -- I wouldn't be the least bit surprised if the leading beer stock extends its rally into the new year.