Royal Caribbean Cruises reported fourth-quarter results that beat Wall Street estimates – something helped by higher on-board spending and lower cruise operating expenses in the crucial holiday season. The cruise company’s shares rose as it expects strong bookings in 2018. RCL reported shares rising as much as 5.92 per cent to hit a record high of $134.75 this week.

As a response to positive news, the company said it would add a five per cent salary bonus to all of its 66,000 individual employees.

“Exceptional results require exceptional effort,” said RCL’s chairman Richard D. Fain. “Reaching the Double-Double required remarkable focus and discipline from our employees, and they delivered,” he added.

Employees will receive equity awards equal to five percent of their 2017 salaries in an $80 million program called the Thank you Thank you Bonus.  The awards, which confer over three years, will go to all employees – shipboard and shoreside, full-time and part-time, domestic and overseas, though corporate officers will be excluded. In addition to the five percent equity awards, the company will contribute to the Crew Welfare Fund for upgrades to crew living and recreational areas.

Shares of rivals Carnival Corp and Norwegian Cruise Line Holdings Ltd also rose after the company said it expects strong bookings in 2018. Royal Caribbean’s onboard revenue, which makes up more than one-fourth of its total revenue, rose 5 percent to 584.1 million in the quarter.

Cruise travel is expected to rise to 27.2 million passengers in 2018, according to Cruise Lines International Association, and industry trade body. However, the cruise operator’s 2018 first quarter earnings per share forecast of 95 cents fell short of the average analyst estimate of $1.02.“In our view, RCL wants to be conservative as possible and start the year in a position where they can raise,” Stifel analyst Steven M. Wieczynski said in a pre-earnings note.