Philip Morris Cos. reported that its profit...

Philip Morris Cos. reported that its profit tripled in the fourth quarter and climbed 53% for the year, making 1994 one of the tobacco and food conglomerate’s best years.

The gains were due partly to restructuring charges that depressed 1993 results.

Philip Morris, the world’s biggest tobacco company, said tobacco volume grew 15.3% last year, while its best-selling Marlboro brand’s volume rose 14%, both company records. The company’s food and beer businesses also showed improvement.

For the three months ended Dec. 31, Philip Morris earned $1.09 billion, or $1.27 a share, up from 1993’s $339 million, or 38 cents a share, including a restructuring charge that reduced quarterly earnings by $457 million. Revenue rose 12.1%, to $16.5 billion from $14.7 billion.

For the year, Philip Morris earned $4.73 billion, or $5.45 a share, up from $3.09 billion, or $3.52 a share, in 1993. Full-year profit for 1993 was reduced by $477 million due to changes in accounting for retiree benefits. Revenue for the year rose 6.9%, to $65.1 billion from $60.9 billion.