Archer Daniels Midland Co., a major corn and soybean processor and ethanol maker, said Tuesday its fourth-quarter net income surged even as sales slipped.

The company said the profit boost came mainly from higher volumes and margins.

The company, based in Decatur, Ill., said it earned $446 million, or 69 cents per share, up from $58 million, or 9 cents per share, in the same period last year. Revenue fell 5 percent to $15.7 billion from $16.53 billion. But, the cost of products sold fell 9 percent to $14.78 billion.

Analysts polled by Thomson Reuters expected ADM to earn 53 cents per share on $16.47 billion in revenue.

Operating profit in the company's oilseeds and corn processing segments increased. Operating profit in its agricultural services segment also improved.