CHICAGO (AP) _ IC Industries Inc. on Tuesday reported its fourth-quarter profit doubled partly as a result of the sale of some of its railroad lines and low-end businesses in a move to concentrate on consumer goods and services.

The company posted fourth-quarter net income of $128.6 million, or $1.16 a share, up from $61.6 million, or 54 cents a share, in the same period of 1986.

Total revenue during the quarter rose 11.3 percent, from $1 billion in 1986 to $1.2 billion last year.

For the full year, IC Industries reported record net income of $251.7 million, or $2.23 a share, compared to a loss of $136.7 million in 1986.

The company said in a statement that a new joint venture with PepsiCo Inc., transforming IC's Pepsi-Cola General Bottlers Inc. into the second-largest bottler in the Pepsi-Cola system, resulted in a non-taxable gain of $123.4 million in the fourth quarter.

But the benefits gained by that deal were partially offset by a $121.6 million charge IC took in the fourth quarter to provide severance pay for about 800 employees eliminated from its worldwide staff in a cost-cutting move.

During the year, IC generated proceeds of more than $130 million from the sale of its Dad's Root Beer and Bubble Up soft drink operations and the sale of three industrial units of Pneumo Abex Corp.

IC said it was looking into the possibility of selling the rest of Pneumo Abex, a maker of aircraft components, to focus on consumer goods and services.

IC also received $109 million from the sale of railroad line segments in 1987. In a further shedding of its railroad activities, the company's board of directors has approved a plan to spin off the Illinois Central Gulf Railroad as an independent company.

IC Industries also owns Pet Inc., a specialty foods company; muffler-and- brak e specialist Midas International Inc.; and Hussman Corp., a manufacturer of food-service equipment.