Good afternoon and welcome to Landstar System, Inc's First Mid-Quarter 2014 Conference Call. All lines will be in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Joining us today from Landstar is Henry Gerkens, Chairman and CEO . Sir, you may begin.
Thanks, Dori. Good afternoon and welcome to the Landstar 2014 First Quarter Mid-Quarter Update Conference Call. Before we start this mid-quarter update, let me read the following statement. The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements. During this conference call, I may make certain statements containing forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies, and expectations. Such statements are by nature subject to uncertainties and risks, including but not limited to the operational, financial, and legal risks detailed in Landstar's Form 10-K for the 2013 fiscal year, described in the section Risk Factors and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated.
Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statements. As a reminder, let me review how our mid-quarter update call works. There is no question and answer period during this call. The purpose of this call is to provide a brief update on the 2014 first quarter. The call will last less than five minutes. To repeat what I always state during a first-quarter mid-quarter update call, it is important to understand the relationship the first quarter of any year has to the rest of the year. The first quarter of any year is typically Landstar's slowest quarter, and the first two months are typically the slowest within the first quarter.
As such, operating margin, operating income, and diluted earnings per share are typically lower in the first quarter of any given year compared to each of the remaining three quarters. During our 2013 fourth quarter and year-end conference call, I stated that truck transportation revenue trends experienced in January 2014 compared to January 2013 were very favorable. Truck transportation load volumes for January 2014 increased 2.7% over January 2013. Additionally, truck transportation revenue per load for January 2014 increased 2.8% over January 2013. Overall, consolidated revenue in January 2014 was 4.1% higher than the revenue generated in January of 2013. Our February 2014 fiscal period closed February 22nd. I am pleased to say that truck transportation load volumes for February 2014 over February 2013 were up approximately 2%, while revenue per load increased approximately 7%. Overall, February 2014 revenue was approximately 7% higher than that generated in February 2013.
The overall revenue increase in the first two months of 2014 was despite the adverse weather conditions experienced across much of the United States. The demand for Landstar's truck Transportation service has been relatively strong. In addition, so far, some of the accounts who were rather soft in 2013 are beginning to show signs of improvement. An overall improving truck transportation environment, coupled with an already competitive and tight capacity market, has created a very good pricing environment. It also, however, has created some gross margin pressure on our variable brokerage side of our Truck Transportation business. As a reminder, approximately 40% of our Truck Transportation business is on a variable brokerage basis, and the remaining 60% of Landstar's Truck Transportation business is provided on a fixed margin basis.
As you know, an environment where Landstar can increase price greatly favors the fixed margin piece of our Truck Transportation business. As you also know, the impact of any gross margin pressure on our variable side is shared with our agents pursuant to contractual arrangements with our agents. The overall favorable truck transportation load volume and revenue per load trends experienced in the first two months of 2014 have continued through the first two weeks of the March 2014 period. Assuming the revenue trends experienced in January, February, and in the first two weeks of March continue for the remainder of the 2014 first quarter, I remain very comfortable with our previous range of estimated revenue guidance of $640 million-$690 million.
Based upon that revenue assumption and assuming insurance and claims expense is at a level consistent with the historical run rate of approximately 3.5% of BCO revenue, I also remain comfortable with our previous range of estimated diluted earnings per share guidance of continuing operations of $0.56-$0.61 per share. The 2014 range of earnings per share estimates of continuing operations also includes an estimated $0.03 per share impact for the Landstar Annual Agent Convention to be held in the 2014 first quarter versus being held in the second quarter of 2013, and an approximate $0.02 cent impact from an incentive compensation accrual in the 2014 first quarter versus no accrual in the 2013 first quarter.
Excluding those two comparability issues, our estimated range of diluted earnings per share guidance is approximately $0.06 better than our actual 2013 first quarter diluted earnings per share at the lower end of our range to approximately $0.11 better at the upper end of our range. In summary, we are clearly off to a good and fast start in 2014. We are encouraged by the improving load volumes in some of our existing accounts and the load volumes being generated through new agents. All of that, coupled with pricing power, is a great combination as we begin 2014. Thank you for your time, and I look forward to talking to you again on our first quarter earnings conference call. Have a good afternoon. Thanks again.
Thank you for joining the conference call today. Have a good afternoon. Please.