Adds comparison to energy sector outlook prior to the war in bullet 3, investor comments in bullet 9

By Javi West Larrañaga

April 16 (Reuters) - European blue-chip companies are set to deliver meagre profit growth in the first quarter, the latest forecasts showed on Thursday, though energy majors are expected to benefit hugely from higher crude prices.

Companies on Europe's benchmark STOXX 600 index .STOXX are expected to report growth of 2.8% in their first-quarter earnings, on average, according to LSEG I/B/E/S data. However, when excluding the energy sector, the growth rate is seen at a mere 0.3%.

• Revenues for non-energy European blue chips are expected to fall 1.1% on average

• Earnings of energy companies are expected to rise by 24.3%, according to the data, as the war in the Middle East has pushed oil prices higher

• That is in stark contrast to the pre-war forecast, as energy majors were expected to deliver 2.0% lower Q1 profits as of February 26, Tajinder Dhillon, head of earnings research at LSEG, told Reuters

• While crude futures have fallen as peace prospects have gained steam, they are still 30% to 40% higher than before the U.S.-Israeli strikes on Iran that started the war

• Estimates for European corporate earnings took a sharp turn compared to last week's 4.2% growth forecast

• Earnings of real estate companies and utilities are expected to fall by 13.7% and 12.2%, respectively, according to the I/B/E/S report

• Revenues have lagged or fallen more than earnings in seven out of eight previous quarters

• That may be a sign that companies' efforts to cut costs and restructure businesses could be paying off

• Though the war might not hugely affect Q1 earnings, investors say the outlook for 2026 might disappoint this earnings season