Coca-Cola ( KO ) reported better-than-expected fourth-quarter results, sending shares of the world's biggest soft drink maker higher Tuesday.

The beverage giant reported $11.54 billion in revenue, above the $10.85 billion posted a year ago and the $10.77 billion Visible Alpha consensus. Adjusted earnings per share (EPS) of $0.55 beat last year's $0.49 and the $0.52 expectation.

Shares of Coca-Cola, which entered Tuesday up roughly 8% over the past year, rose nearly 4% shortly after markets opened.

Global Unit Case Volumes Grow Above Expectations

Last quarter, Coca-Cola shares lost ground as a surprise drop in unit case volumes offset better-than-expected results. Global unit case volumes grew better than expected at 2% in Q4, led by a 6% gain in the Asia Pacific region.

In its forward-looking projections, Coca-Cola said it expects sales and adjusted EPS to grow this year while also facing currency headwinds.

Coca-Cola's results come a week after rival PepsiCo ( PEP ) reported sales that fell short of estimates for a third consecutive quarter .

UPDATE—This article has been updated with the latest share price information and details from Coca-Cola's earnings report.

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