Lennar sees Q2 EPS $2.10-$2.50, consensus $2.16

Says cancellation rate improved sequentially throughout the quarter. Says February cancellation rate of 14% was below normalized cancellation rate. Says saw pricing stabilizing in all category 2 markets. Says currently has no category 3 markets. Says portfolio of home sites provides ‘strong competitive position. Says continues to benefit from pay down of debt. Sees Q2 new orders 16,000-17,000. Sees SG&A 7.2%-7.4%. Says remains committed to increasing shareholder returns..