NEW YORK (AP) — Solar panel maker First Solar Inc. said last night its fourth-quarter profit more than doubled despite tightened credit markets that have strangled global demand for expensive renewable energy projects.

The Tempe, Arizona-based company reported it earned $132.8 million, or $1.61 per share, in the fourth quarter compared with $62.9 million, or 77 cents per share, for the same period last year.

Quarterly sales were $433.7 million for the three months that ended December 27, 2008.

Analysts surveyed by Thomson Reuters expected earnings of $1.30 per share on sales of $410.4 million. For the full year, First Solar earned $348.3 million, or $4.24 per share.

Chief Executive Michael Ahearn said despite manufacturing advances that have trimmed its module cost to below $1 per watt, the growing recession will put extreme pressure on profit margins this year.