“In a note to investors today, Sterne Agee’s Shaw Wu discussed his company’s expectations for Apple’s earnings call Tuesday afternoon, which were up once again from earlier predictions,” Darrell Etherington reports for GigaOM.

“Wu’s revised estimate is only the latest, and not the highest among a collection of analyst expectations that anticipate record numbers from the Mac-maker,” Etherington reports. Wu says in his note that Apple looks to be on track to have sold 29.5 million iPhones during its first financial quarter of 2012, up from his firm’s previous prediction of 28 million devices. Wu hasn’t changed Mac or iPad sales expectations, which remain at 5.2 million and 13.5 million units respectively, but the increased iPhone sales lead him to anticipate $38.8 billion in revenue, and $10.34 in earnings per share. Before today, Agee had been modelling $37.7 billion in revenue and $10 EPS.”

Read more in the full article here.

MacDailyNews Note: According Thompson Financial, the analysts’ consensus calls for $38.85 billion in revenue and $10.08 EPS.

On October 18, 2011, Peter Oppenheimer, Apple’s CFO, gave Q112 guidance of “revenue of about $37 billion” and “diluted earnings per share of about $9.30.”

Apple is set to report earnings after today’s closing bell, right round 4:30pm Eastern. As usual, MacDailyNews will have the numbers as soon as they are available and we’ll cover the conference call with live notes beginning at 5pm Eastern.