NEW YORK (CNN/Money) - Coca-Cola Inc. said Tuesday its first-quarter results rose from a year ago but fell short of Wall Street forecasts, hurt by weak Latin American currency amid Argentina's economic crisis.

The world's No. 1 soft drink maker, which also produces Dasani water and Sprite and Fanta beverages, reported first-quarter earnings of 37 cents a share, up from 35 cents a year earlier. Analysts polled by earnings tracker First Call expected 38 cents a share.

But after nonrecurring items, including a $926 million non-cash after-tax charge due to the application of a new accounting standard, Coca-Cola posted a net loss of $125 million, or 5 cents a share, in the first quarter of 2002.

First-quarter revenue was about flat at $4 billion.

Coke (KO: up $0.91 to $53.30, Research, Estimates) said the continuing economic crisis in Argentina, which has hurt many U.S. companies that do business there including several major brokerage firms, led to a $157 non-cash charge in the quarter because of devalued currency throughout the region. The company said it was forced to shave 3 cents a share off earnings because of the crisis, causing it to miss estimates.

Nevertheless, investors sent Coke's stock higher Tuesday, apparently cheered by the 5 percent increase in unit case volume, a key indicator for beverage companies, which was higher than some analysts expected.

"The volume was stronger than we were looking for," Davenport & Co. analyst Ann Gurkin said, adding that investors also expect volume growth overseas to be strong this year.

The Atlanta-based company said it remains comfortable with full-year estimates of $1.78 a share and with previous forecasts for 5-6 percent unit case volume growth for 2002, another piece of good news to shareholders.

Coke, which is set to begin selling a vanilla-flavored version of its soda on May 15, said both North American and international unit case volume grew 5 percent in the quarter from a year ago.

The greatest growth came in non-carbonated beverages, where total volume increased 22 percent compared with just 3 percent for carbonated drinks, reflecting consumers' increasing taste for alternative drinks, Gurkin said.