* Q1 ex-items EPS $0.03 meets estimates

* Q1 rev misses estimates

* Sees Q2 rev up 52-55 pct sequentially

* Shares rise 15 percent after the bell

May 18 (Reuters) - Taiwanese chipmaker maker Himax Technologies Inc (HIMX.O: Quote, Profile, Research) reported a quarterly profit that met market estimates as it began to see an improvement in demand for TFT-LCD panels and said it expects second-quarter revenue to rise sequentially, sending its shares up 15 percent.

The company makes display drivers for TFT-LCD panels, used in desktop monitors, notebook computers, televisions, mobile handsets and digital cameras.

First-quarter net income fell to $4.4 million, or 2 cents a share, from $34.1 million, or 18 cents a share, a year earlier.

Excluding items, its earnings of 3 cents a share matched analyst expectations, according to Reuters Estimates. [ID:nWNAB1038]

Revenue fell 46 percent to $125.7 million. Analysts were looking for $126 million.