The Greenbrier Cos. is cutting hundreds from its workforce and suspending railcar production at its Portland, Ore., facility due to the economic impact of the coronavirus, the company announced April 16.

The Greenbrier Cos. Inc. appointed Adrian Downes chief financial officer, according to a news release.

Greenbrier Cos. jumped the most in four years as the railcar maker said a recovery in freight volume means 2018 earnings will be stronger than analysts have been expecting.

Greenbrier Cos. reported earnings of $35.4 million, or $1.12 per share, in the fiscal third quarter ended May 31, a 17.4% drop from the $42.8 million, or $1.33, in the prior year period.

Greenbrier Cos.’ fiscal first-quarter net income more than doubled to $69.4 million, or $2.15 per share, as deliveries of intermodal and other rail equipment rose to 6,900 units during the period ended Nov. 30.

North American railcar orders plummeted the most in at least 27 years as railroads shipped less oil and sand used for drilling, adding to concern over a U.S. industrial production slowdown.

Intermodal and freight car manufacturer Greenbrier Cos. raised net income 27% to $42.8 million, or $1.33 per share, in its fiscal third quarter ended May 31 as railcar deliveries increased.