Apple will disclose its earnings for Q1 FY2009 tomorrow and as is always the case, analysts are in full swing with revised predictions. If Apple’s announcement can live up to the bulk of these new estimates however, shareholders are in for some good news come Wednesday. According to a report issued today by Piper Jaffray analyst Gene Munster, Apple’s rebound performance in December looks to have saved the quarter – possibly propelling earnings beyond Wall Street projections. From the report:

  • 19-20 million iPods shipped during the December quarter, beating the Street’s 18.6 million expectation, based on analyzing retail data from research firm NPD Group.
  • 2.5-2.6 million Macs shipped, in line with the Street’s ~2.5 million expectation.

Munster anticipates Q1 revenues in the neighborhood of $10 billion, a substantial $300 million north of initial predictions. Earnings Per Share (EPS) however, are expected to come in at $1.32, $0.07 below the $1.39 prediction. Apple’s earnings call will be broadcast online tomorrow at 2:00pm PST / 5:00pm EST.