Maybe your favorite team or stock didn't win the World Cup. Pre-tournament favorite Brazil didn't quite make it, either, but AmBev (NYSE:ABV) certainly benefited; many Brazilians quaffed a cold one during (and certainly after) Brazil's surprising early exit from the Cup. The world's fifth-largest brewer, and Latin America's largest, continued to report sudsy results that are certain to have shareholders knocking back a few in celebration.

The Labatt acquisition created a substantial amount of goodwill amortization each quarter, which makes EBITDA useful in gauging the company's true performance. That said, AmBev reported solid results. Converting every 0.46 Brazilian reals to one U.S. dollar, EBITDA rose 11.9% year over year to $730 million, revenues climbed 9% to $1.86 billion, and earnings per U.S. ADR (excluding goodwill amortization) increased 39.3% to $0.55 a share.

Beer Brazil's EBITDA margin rose to 46.8%, and the company's market share continued to dominate the market, growing to 68.8%. Unlike Anheuser-Busch (NYSE:BUD) and Boston Beer (NYSE:SAM), stagnant demand is not a problem here. Volume was healthy across all of the company's lines of business; Brazil's beer volume rose 4.4%, soft drinks and non-alcoholic beverages climbed 8.6% in Brazil, and Canadian beer increased 3%.

Obviously, quarterly results were driven by World Cup festivities. Still, with stars like Skol, Bramha, and Quinsa, which grew 21% year over year, investors shouldn't dismiss this company out of hand. AmBev is moderately leveraged, with about $3.1 billion in debt, but investors shouldn't worry. The company generated $348 million in free cash flow last quarter, more than enough to cover its interest payments. (Healthy EBITDA margins of near 40% will do that for you.)

I liked AmBev last quarter because of its strong market position, enviable margins, and what I thought was a reasonable (but not bargain-priced) valuation. Like fellow international play FEMSA (NYSE:FMX), I think this company offers a conservative way to diversify one's portfolio with a high-quality international company.

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Fool contributor Stephen Ellis does not own shares in any companies mentioned. You can see his holdings for yourself . The Motley Fool has a frothy disclosure policy .