Oct 29 (Reuters) - U.S. solar panel maker First Solar ( FSLR )

lowered its sales forecast for the current year on

Tuesday, even after reporting a rise in third-quarter profit

helped by higher prices following additional tariffs on

foreign-made panels.

Shares were down 6.9% at $185.99 in after-market trade.

Residential installations have fallen sharply this year, and

utility-scale projects face challenges including long waits to

connect to the grid and a shortage of skilled labor.

The company lowered its full-year 2024 sales forecast to

between $4.10 billion and $4.25 billion, from its previous

expectation of between $4.4 billion to $4.6 billion.

The company reported a sequential decline in quarterly

sales, hurt by a decrease in the volume of megawatt (MW) sold.

However, the company reported a 16.6% rise in net profit for

the quarter ended Sept. 30, at $313 million, or $2.91 per share,

compared with a year earlier.

The Biden administration imposed new tariffs on foreign-made

solar modules in May, benefiting U.S. companies like First Solar ( FSLR )

that produce domestically.