Shares of Anheuser-Busch InBev (NYSE: BUD) 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.

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Source Fool.com