WESTINGHOUSE <WX> SEES HIGHER EARNINGS GROWTH Westinghouse Electric Corp said earnings per share growth will exceed sales growth and will be in the double digit range through 1989. In 1986, the company earned 4.42 dlrs a share on revenues of 10.7 billion dlrs. Speaking at a meeting for securities analysts, Douglas Danforth, Westinghouse's chairman, said the company's sales growth target is about 8.5 pct a year for 1988 and 1989, "given an economic environment that remains on a moderate growth course." He also said the company will make acquisitions, but he did not specify particular targets. Paul E. Lego, senior executive vice president told the analysts "our plans do not call for a multibillion dlr acquisition, even though our balance sheet can handle one. Despite this disclaimer, if we identify a major acquisition that has significnt value-creating for Westinghouse...we will consider it." He said the company would consider an acquisition candidate that is in an area compatable with Westinghouse's primiary businesses. Danforth said the corportation was focused in several key areas including defense electronics, financial services, broadcasting, electrical products and services for construction and industrial and utility markets. Danforth added that he expects Westinghouse's sales to grow faster than the markets the corportation serves and "surely faster than GNP." He said earnings per share growth is expected to consistently exceed the Standard and Poor's 500 index and return on equity will remain in the 18 to 21 pct range. Leo W. Yochum, senior executive vice president for finance, told the analysts "we will consider buying back stock" but there are no current plans for such a buyback. Yochum said that at the company's current level of earnings it could comfortably maintain higher debt levels and that Westinghouse will use its debt capacity to improve shareholder value. Last year, Westinghouse established a 790 mln dlrs restructuring reserve to be used for plant consolodation, assett writedowns and other items. Yochum said, the company spent 306 mln dlrs of that reserve in 1986 and will spend 344 mln dlrs of the reserves in 1987. The balance will be used in 1988. He also said, capital expenditures should be about 400 mln dlrs in 1987.