European blue-chip companies are on track for their strongest quarterly earnings growth since the third quarter of 2022, with LSEG I/B/E/S data showing STOXX 600 companies are now expected to post 22.4% second-quarter earnings growth. The upgrade has been driven by surging profits at energy majors, alongside stronger performances from miners, steelmakers and chemical firms. Even stripping out energy, earnings are projected to rise 11.5% from a year earlier, well above the 5.5% forecast in early July before reporting season began. Revenue expectations also strengthened, with second-quarter sales now seen rising 12.6%, up from 11.7% last week and marking the fastest growth pace in 16 quarters. Energy is expected to deliver the strongest sector profit growth at 135.8%, followed by basic materials at 57.6%. European shares ended at a record high for a third consecutive session on Thursday as investors weighed mostly upbeat corporate results and monitored prospects for a U.S.-Iran peace deal and a possible reopening of the Strait of Hormuz.