April 30 (Reuters) - Estimates for European blue-chip companies' earnings have significantly improved, the latest LSEG I/B/E/S data showed on Thursday, as forecasts for energy majors soar and a majority of firms beat forecasts.

Earnings of European blue-chips, excluding energy firms, are now expected to have grown 3.8% year-on-year in the first quarter, based on results from 141 STOXX 600 .STOXX companies and market estimates for those that are yet to report, the data showed.

• The estimate was seen at a much more modest 0.4% increase last week

• Revenues of non-energy companies are forecast to fall by 0.1% on average, the I/B/E/S data showed

• According to the report, 55.3% of companies beat earnings estimates

• Oil and gas firms are clear beneficiaries of the global turmoil caused by the war in the Middle East

• European energy majors are expected to deliver 33.7% earnings growth in the first quarter, as oil prices hit 4-year highs on Thursday

• Before the war, their profits were estimated to shrink 2% year-on-year

• The real estate sector, on the other hand, is expected to post earnings 14.7% below those of last year

• Europe's benchmark STOXX 600 index quickly lost most of its 2026 gains after the U.S. and Israel struck Iran in February

• Though it has since partly recovered, it is still about 4% lower than its pre-war level

• Despite the improvement, the outlook for STOXX 600 companies pales in comparison with that of U.S. listed S&P 500 .SPX firms

• S&P 500 companies are expected to deliver 16.1% earnings growth in the first quarter, according to a separate LSEG I/B/E/S note from Friday