Coca-Cola Co reported higher quarterly earnings on Tuesday, helped by cost controls and strength in emerging markets.

The world's largest soft drink maker said first-quarter net income was $1.61 billion, or 69 cents per share, compared with $1.35 billion, or 58 cents per share, a year earlier.

Revenue rose 5 percent to $7.53 billion.

Sales by volume -- an important measure reflecting the amount of beverage concentrate sold -- rose 3 percent, after increasing a stronger-than-expected 5 percent in the fourth quarter.

Coca-Cola is preparing to acquire the North American operations of its largest bottler, Coca-Cola Enterprises Inc , in a move it expects to cut costs and give it more flexibility in distributing its drinks. PepsiCo Inc recently closed a similar deal.

(Reporting by Martinne Geller; Editing by Lisa Von Ahn)