Supplier Adient reported a for the second fiscal quarter of 2018, compared with a net profit of $190 million last year, dragged down by headwinds in the company's seat structures and mechanisms business combined with a weakness in interiors.

On a conference call with analysts, CFO Jeff Stafeil said the largest special item was a $279 million "non-cash goodwill impairment charge" associated with the realignment of the seating structures business.

fell 10 percent to $55.66 as of 2:53 p.m. ET.

Adjusted earnings before interest, taxes, depreciation and amortization fell 14 percent to $363 million, the supplier said. Total revenue during the quarter ending March 31 grew 9.4 percent to $4.5 billion. Net debt levels grew to $3.32 billion from $2.76 billion as of Sept. 30, 2017.

"It's important for us to reflect backwards in terms of what happened, but right now the team is laser-focused on the future and what we're going to do to turn this business around," CEO Bruce McDonald said on the call.

The company said it will not achieve its previous goal of increasing profit margins for seating structures by 200 basis points, or 2 percentage points, by 2020. The company's adjusted earnings margin fell to 5.5 percent in the latest quarter from 7.9 percent year over year.

"The deep setback in the segment will prevent (Adient) from achieving its FY2020 200 bps consolidated margin improvement goal," the company materials on Thursday.

Despite the headwinds in its seat structures business, the supplier said it continues to see strong growth from its China operations.

"There is plenty of self-help to drive near-term margin growth in the automotive seating business," Wells Fargo analysts wrote in a report. "In addition, the company's strong presence in China should yield positive equity income results."

Headquartered in Plymouth, Mich., Adient ranks No. 11 on Automotive News' list of the top 100 global suppliers with worldwide parts sales to automakers of $16.84 billion in 2016.