An upside in Apple’s recently conclude June quarter could be driven by greater-than-expected iPhone shipments, with one analyst predicting that the company beat projections and shipped at least 29 million iPhones. Citing demand from Morgan Stanley’s AlphaWise Smartphone Tracker, as well as various supply checks, analyst Katy Huberty said that she believes stronger-than anticipated iPhone shipments will drive revenue and earnings per share above market consensus in a note to investors.

Wall Street speculators generally expect that Apple shipped 26.5 million iPhones during the June quarter but Huberty’s data suggests Apple shipped anywhere between 29 million and 32 million smartphones during the three-month frame. The anticipated strong numbers were largely driven by demand for Apple’s discounted legacy smartphones, the iPhone 4 and iPhone 4S.

Huberty’s most conservative estimate in which all iPhones sold beyond 26 million are the cheaper iPhone 4 sold at a $50 discount, still implies total revenue greater than $36 billion. This would beat Apple’s guidance range of $33.5 billion to $35.5 billion for the June quarter, as well as market consensus of $35.1 billion. Beyond the Phone, Huberty expects that Apple also shipped 3.9 million Macs and 18 million iPads. This would help Apple push its net earnings per share beyond the $7.32 consensus expectation on the Street.

Although Huberty is bullish for Apple’s upcoming quarterly conference call (which is scheduled for Tuesday, July 23), she did show concern for the current September quarter, as she believes consensus estimates are currently too high. She expects Apple’s next iPhone will only be available for “a few days” in the September quarter, which could hold the company’s revenue guidance to between $33.5 billion and $35.5 billion, with gross margins in the 34% to 35% range.

We’ll have to see how the predictions turn out which we’ll find out soon enough.

Source: Morgan Stanley via AppleInsider