Norwegian Cruise Line Holdings on Tuesday reported its first profitable year since 2019 as fourth-quarter losses narrowed dramatically.

The cruise company reported strong growth and ticket demand with an encouraging 2024 forecast. Shares of the company surged nearly 20% following the report.

Here’s how Norwegian performed in the fourth quarter compared with estimates from LSEG, formerly known as Refinitiv:

• Loss per share: 18 cents vs. 14 cents expected
• Revenue: $1.99 billion vs. $1.97 billion expected

For the last three months of 2023, Norwegian reported a net loss of $106.5 million, an improvement from a loss of $482.5 million in the year-ago period. The company’s loss per share narrowed to 25 cents from $1.14 the prior year. Adjusting for one-time items, Norwegian reported a loss per share of 18 cents.

For the full year, the company generated total revenue of $8.55 billion, a 32% increase from 2019, with a net income of $166.2 million. In 2022, Norwegian lost $2.27 billion.

The company saw 102.9% occupancy for the year. Total revenue per passenger per day increased 17% from pre-pandemic levels.

The company said it received robust demand for most of its cruises except those traveling through the Middle East, which were canceled due to the violence in Gaza. The cancellations only caused a slight dip in occupancy in the fourth quarter to 99.2%, the company said.

“Norwegian Cruise Line Holding experienced a momentous year of growth and achievement in 2023,” CEO Harry Sommer said in a statement. “We successfully took delivery of three new ships, one for each of our brands, representing the most deliveries in a single year in our Company’s 57-year history. This important milestone showcases our dedication to innovation and commitment to providing exceptional vacation experiences for our guests.”

The company said it’s currently at record-high booking levels due to “healthy consumer demand” across the fourth quarter and full year.

For the full year 2024, the company expects an adjusted profit of about $635 million, or $1.23 per share, and an occupancy rate of about 105%. Analysts polled by LSEG had anticipated 2024 earnings per share of $1.21.

Shares of other cruise companies, including Royal Caribbean Cruises and Carnival Corp., also rose Tuesday morning.