While the trend of US companies branching overseas is certainly nothing new, the extent to which emerging market demand could pull the country out of a recession is.

Developing economies such as the BRICs—Brazil, Russia, India and China—slumped during the global financial crisis, but appear to be back now that financing is available and the worst of the credit calamity has passed.

"We might go into a period of a decade where global growth is a driver of the world economy, and that's not necessarily a really bad thing for the United States," says Jordan Kimmel, market strategist at Boyar Asset Management in New York. "When we hear the consumer is dead, they're certainly not talking about the consumer in lots of Asia, lots of Latin America, wherever there's significant growth taking place."

One of the principal themes of the latest earnings seasonhas been companies raising their forward guidance.

Caterpillar is probably the biggest name to beat analyst estimates and issue a better-than-expected outlook, reporting Thursday that emerging market growth is playing a key role in its improved position.

McDonald's was another company reporting the bulk of its growth overseas, with sales increasing 8.1 percent in Africa, Asia/Pacific and the Middle East.

"The fact is we don't have to wait for the American consumer to come around if you're involved in companies that have involvement overseas," Kimmel says.

While the reliance on foreign demand to drive US-based company earnings might seem like a poor reflection of the American economy—indeed, Caterpillar shares actually fell Thursdaydespite the earnings beat—it's something to which investors may have to become accustomed.