He referred to concerns over Philip Morris’s potential legal liability for the health problems of smokers, fears of increased regulations and excise taxes, all of which have driven down the company’s stock. Investors have pushed the company to consider splitting in two so that its other units, including food and brewery operations, would not suffer from tobacco’s problems.

In May, directors tabled that proposal, and last month, Michael A. Miles, the chief executive and chairman who was believed to have endorsed it, resigned. Taking over were two longtime tobacco executives, R. William Murray, the new chairman, and Geoffrey C. Bible, the new president and chief executive.

The positive earnings report may give Mr. Murray and Mr. Bible a lift the next time they meet with the company’s large institutional shareholders, many of whom continue to press for a corporate firewall around the company’s tobacco operations. A meeting was scheduled for today, but was postponed after Philip Morris could not assure the shareholders that directors who are not part of the company’s management would be able to attend. No new date has been set.

Despite the positive earnings report, shares of Philip Morris fell 75 cents yesterday, to $53.125, on the New York Stock Exchange. “I think that continuing concern about litigation, especially the proliferation of state law suits, is restraining the stock,” said Diana K. Temple, an analyst who follows the company for Salomon Brothers.

Quarterly operating income was at its highest level since the company, in an attempt to regain market share, set off a price war in April 1993 by slashing prices. It cut the price of Marlboro cigarettes, its leading brand, by 40 percent, and also reduced prices on its other premium brands.

Citing figures from the A. C. Nielsen Company, the company said yesterday that the retail share for Marlboro Cigarettes reached 28.5 percent, an increase of 6.5 points from March 1993, before the company began its Marlboro price cuts. “That is the highest share Marlboro has ever had,” Ms. Temple said.

Philip Morris’s other premium brands, as a group, posted a retail share of 9.1 percent, up from a low of 8.3 percent in August 1993, when the company realigned its wholesale list prices.

International tobacco sales grew in the second quarter as well, with revenues advancing 6.8 percent, to $4.3 billion, and with operating income climbing 19.2 percent, to $688 million. Volume was up 16.3 percent over a year ago, to 128 billion units.

“International is the crown jewel in Philip Morris,” Ms. Temple of Salomon Brothers said.

Graph “Second Quarter Strength” shows financial results for the Philip Morris Companies. (Source Company reports) Table “Philip Morris Cos. (MO,N)” Qtr. to June 30 1994 1993 %Ch Rev. 16,414,000,000 15,789,000,000 3.8 Net inc. 1,232,000,000 1,048,000,000 18.3 Sh. earn 1.42 1.19 Sh. out. 870,000,000 876,000,000 6m rev. 31,914,000,000 30,978,000,000 3.2 Net inc. 2,403,000,000 b1,785,000,000 33.3 Sh. earn 2.75 2.03 Sh. out. 873,000,000 880,000,000 b After a charge of $477,000,000, or 54 cents a share, which represents cumulative effect of change in accounting for post employment benefits. Philip Morris Cos. said operating income for the quarter rose 14 percent, to $2.7 billion. Yesterday’s closing price Down 75

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