Exhibit 99.1

News Release

Contacts:

Leslie S. Magee
Chief Financial Officer
225-298-5261
lmagee@he-equipment.com

Kevin S. Inda
Corporate Communications, Inc.
407-566-1180
kevin.inda@cci-ir.com

H&E Equipment Services Reports Third Quarter 2010 Results

BATON ROUGE, Louisiana — (November 4, 2010) — H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the third quarter ended September 30, 2010. Total revenue was $153.8 million, compared with $175.6 million for the same period last year. Gross profit was $37.9 million, compared with $40.0 million a year ago. Operating income was $1.5 million, compared with $5.2 million for the same period last year. Net loss was $3.8 million, or ($0.11) per diluted share, compared to a net loss of $2.3 million, or ($0.07) per diluted share, a year ago. EBITDA for the third quarter was $24.5 million, compared to $29.3 million, a year ago.

THIRD QUARTER 2010 HIGHLIGHTS

	•		Total revenues increased 17.4% from the second quarter.
	•		Rental revenues increased 7.0% from a year ago and 15.8% from the second quarter. The third quarter delivered positive year over year results in rental segment for the first time since late 2008.
	•		New equipment sales increased 64.7% from the second quarter and were near year ago levels.
	•		Gross margins increased to 24.6%. Sequentially, gross margins were consistent with the second quarter. Sequential EBITDA growth was 31.3%, resulting in higher margins as a percentage of revenues.
	•		Rental gross margins increased to 37.5% in the third quarter reflecting a significant improvement on both a year over year and on a sequential basis.
	•		Increased average time utilization (based on units available for rent) to 62.3%, compared to 54.9% in the second quarter and 54.3% a year ago. Increased average time utilization (based on original equipment cost) to 65.9%, compared to 57.9% in the second quarter and 57.1% a year ago.
	•		Rental rates improved 1.8% sequentially from the second quarter, the first quarter of positive sequential gains in rental rates since the second half of 2008.

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H&E Equipment Services Reports Third Quarter 2010 Results
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	•		Dollar utilization was 29.2% in the third quarter, an increase of approximately 400 basis points on both a year over year and on a sequential basis.
	•		Continued to reinvest in rental capital expenditures with improving market conditions. Net rental capital expenditures (including inventory transfers) were $21.8 million.
	•		Rental fleet age at September 30, 2010, was 43.0 months compared to an industry average near 52 months.

“Market conditions continued to improve during the third quarter and as a result, areas of our business delivered solid sequential gains,” said John Engquist, H&E Equipment Services’ president and chief executive officer. “Total revenue increased 17.4% sequentially from the second quarter, driven by continued growth in our rental business and increased new equipment sales. Due to improving rental demand, we increased both our overall rental capacity and the physical utilization of our fleet. We were also very pleased to achieve sequential rental rate improvement of 1.8%. As a result, rental revenue increased 15.8% from the second quarter and 7.0% from a year ago. Our third quarter results also reflected significant increases in rental gross profit and margins on both a sequential and on a year over year basis.”

“All of these factors indicate our environment is improving and we are positioned to take advantage of continuing improvements in our end markets,” Engquist concluded. “In October, our rental business performed at levels we have not experienced since early in 2009, at which time we were maintaining $100 million more in rental assets. However, while we are very encouraged by the current activity, we remain cautious regarding the balance of this year due to potential seasonality issues and ongoing economic challenges in several of our markets. We hope to see continued improvement throughout 2011.”

FINANCIAL DISCUSSION FOR THIRD QUARTER 2010:

Our operating results for the three and nine months ended September 30, 2009 and the related period-to-period comparisons below were impacted by the sale of a substantial portion of our Yale lift truck assets. On July 31, 2009, the Company sold certain Yale rental fleet, new and used equipment inventories and parts inventories for total cash proceeds of approximately $15.7 million. In connection with the transaction, we also recognized approximately $0.9 million in deferred service revenues from the termination of maintenance contracts associated with the Yale rental fleet assets sold. Our results for the prior periods included approximately $1.6 million of gross profit related to the sale of these assets.

Revenue

Total revenues decreased 12.4% to $153.8 million from $175.6 million in the third quarter of 2009. Equipment rental revenues increased 7.0% to $48.3 million compared with $45.1 million in the third quarter of 2009. New equipment sales decreased 2.1% to $47.7 million from $48.7 million in the third quarter of 2009. Used equipment sales decreased 55.0% to $14.7 million compared to $32.7 million in the third quarter of 2009. Parts sales decreased 12.4% to $22.6 million from $25.8 million in the third quarter of 2009. Service revenues decreased 18.5% to $12.4 million compared to $15.2 million a year ago. The sale of the Yale lift truck assets included in the prior period amounts above had the effect of increasing our current period comparative revenue declines, particularly in used equipment sales.

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Gross Profit

Gross profit decreased 5.1% to $37.9 million from $40.0 million in the third quarter of 2009. Gross margin was 24.6% for the quarter ended September 30, 2010 compared to 22.8% for the quarter ended September 30, 2009. The sale of the Yale life truck assets contributed a gross margin of 9.6% for the three month period ended September 30, 2009, reducing total gross margin a year ago.

On a segment basis, third quarter 2010 gross margin on rentals was 37.5% compared to 30.6% in the third quarter of 2009. On average, rental rates declined 5.9% as compared to the third quarter of 2009 but increased 1.8% from the second quarter. Time utilization (based on units available for rent) was 62.3% in the third quarter of 2010, 54.9% in the second quarter of 2010 and 54.3% a year ago.

Gross margin on new equipment sales was 9.9% as compared to 10.5% in the third quarter a year ago. Gross margin on used equipment sales was 24.6% which was up from 17.2% a year ago. Gross margin on parts sales decreased to 26.1% from 26.5%. Gross margin on service revenues decreased to 58.3% from 62.9% in the prior year.

Rental Fleet

At the end of the third quarter of 2010, the original acquisition cost of the Company’s rental fleet was $665.5 million, down $28.6 million from $694.1 million at the end of the third quarter of 2009 and down $9.6 million from $675.1 million at the end of 2009. Dollar utilization was 29.2% compared to 25.5% for the third quarter of 2009. Dollar returns increased reflecting higher year-over-year average physical utilization.

Selling, General and Administrative Expenses

SG&A expenses for the third quarter of 2010 were $36.6 million compared with $35.1 million last year, a $1.5 million, or 4.3%, increase. The net increase was primarily attributable to higher depreciation and employee salaries, wages and related expenses. For the third quarter of 2010, SG&A expenses as a percentage of total revenues were 23.8% as compared to 20.0% a year ago.

Income from Operations

Income from operations for the third quarter of 2010 was $1.5 million, or 0.9% of revenues, compared with income from operations of $5.2 million, or 3.0% of revenues, a year ago.

Interest Expense

Interest expense for the third quarter of 2010 decreased $0.5 million to $7.3 million from $7.8 million a year ago due primarily to lower average interest rates, debt under the senior secured credit facility and floor plan payables.

Net Income (Loss)

Net loss was $3.8 million, or ($0.11) per diluted share, compared to net loss of $2.3 million, or ($0.07) per diluted share, a year ago. The effective income tax rate was 35.1% compared to 10.3% a year ago.

EBITDA

EBITDA for the third quarter of 2010 decreased $4.8 million to $24.5 million compared to $29.3 million a year ago. EBITDA, as a percentage of revenues, was 15.9% compared to 16.7% a year ago.

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Non-GAAP Financial Measures

This press release contains certain Non-GAAP measures (EBITDA). Please refer to our Current Report on Form 8-K for a description of our use of these measures. EBITDA, as calculated by the Company, is not necessarily comparable to similarly titled measures reported by other companies. Additionally, these Non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered as alternatives to the Company’s other financial information determined under GAAP.

Conference Call

The Company’s management will hold a conference call to discuss third quarter results today, November 4, 2010, at 10:00 a.m. (Eastern Time). To listen to the call, participants should dial 913-312-0721 approximately 10 minutes prior to the start of the call. A telephonic replay will become available after 1:00 p.m. (Eastern Time) on November 4, 2010, and will continue through November 12, 2010, by dialing 719-457-0820 and entering confirmation code 1332743.

The live broadcast of the Company’s quarterly conference call will be available online at www.he-equipment.com or www.earnings.com on November 4, 2010, beginning at 10:00 a.m. (Eastern Time) and will continue to be available for 30 days. Related presentation materials will be posted to the “Investor Relations” section of the Company’s web site at www.he-equipment.com prior to the call. The presentation materials will be in Adobe Acrobat format.

About H&E Equipment Services, Inc.

The Company is one of the largest integrated equipment services companies in the United States with 68 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions of the United States. The Company is focused on heavy construction and industrial equipment and rents, sells and provides parts and service support for four core categories of specialized equipment: (1) hi-lift or aerial platform equipment; (2) cranes; (3) earthmoving equipment; and (4) industrial lift trucks. By providing equipment rental, sales, and on-site parts, repair and maintenance functions under one roof, the Company is a one-stop provider for its customers’ varied equipment needs. This full service approach provides the Company with multiple points of customer contact, enabling it to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among its new and used equipment sales, rental, parts sales and service operations.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) general economic conditions and construction activity in the markets where we operate in North America as well as the impact of the recent macroeconomic downturn and current conditions of the global credit markets and its effect on construction activity and the economy in general; (2) relationships with new equipment suppliers; (3) increased maintenance and repair costs as we age our fleet and decreases in our equipments’ residual value; (4) our indebtedness; (5) the risks associated with the expansion of our business; (6) our possible inability to integrate any businesses we acquire; (7) competitive pressures; (8) compliance with laws and regulations, including those relating to environmental matters; and (9) other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form

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10-K and Quarterly Report on Form 10-Q. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release.

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H&E EQUIPMENT SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Amounts in thousands, except per share amounts)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2010				2009				2010				2009
Revenues:
Equipment rentals		$	48,272			$	45,108			$	126,400			$	150,669
New equipment sales			47,697				48,685				103,952				172,010
Used equipment sales			14,700				32,698				46,062				69,254
Parts sales			22,599				25,786				65,013				78,144
Service revenues			12,412				15,225				36,466				46,164
Other			8,164				8,126				21,643				25,824
Total revenues			153,844				175,628				399,536				542,065
Cost of revenues:
Rental depreciation			19,628				21,105				58,260				67,789
Rental expense			10,552				10,209				29,171				32,441
New equipment sales			42,979				43,549				93,992				150,519
Used equipment sales			11,083				27,069				35,690				56,482
Parts sales			16,710				18,952				47,804				56,339
Service revenues			5,177				5,646				13,805				17,059
Other			9,795				9,131				26,630				26,683
Total cost of revenues			115,924				135,661				305,352				407,312
Gross profit			37,920				39,967				94,184				134,753
Selling, general, and administrative expenses			36,594				35,073				109,233				110,342
Gain on sales of property and equipment			125				289				324				472
Income (loss) from operations			1,451				5,183				(14,725	)			24,883
Interest expense			(7,287	)			(7,847	)			(21,781	)			(24,039	)
Other income, net			10				123				166				518
Income (loss) before provision (benefit) for income taxes			(5,826	)			(2,541	)			(36,340	)			1,362
Provision (benefit) for income taxes			(2,046	)			(261	)			(13,389	)			1,201
Net income (loss)		$	(3,780	)		$	(2,280	)		$	(22,951	)		$	161
NET INCOME (LOSS) PER SHARE
Basic – Net income (loss) per share		$	(0.11	)		$	(0.07	)		$	(0.66	)		$	0.00
Basic – Weighted average number of common shares outstanding			34,700				34,625				34,656				34,601
Diluted – Net income (loss) per share		$	(0.11	)		$	(0.07	)		$	(0.66	)		$	0.00
Diluted – Weighted average number of common shares outstanding			34,700				34,625				34,656				34,638

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H&E EQUIPMENT SERVICES, INC.
SELECTED BALANCE SHEET DATA (unaudited)
(Amounts in thousands)

		September 30,				December 31,
		2010				2009
Cash		$	26,856			$	45,336
Rental equipment, net			412,126				437,407
Total assets			739,618				763,084
Total debt (1)			252,790				254,110
Total liabilities			483,157				484,202
Stockholders’ equity			256,461				278,882
Total liabilities and stockholders’ equity		$	739,618			$	763,084

H&E EQUIPMENT SERVICES, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2010				2009				2010				2009
Net income (loss)		$	(3,780	)		$	(2,280	)		$	(22,951	)		$	161
Interest expense			7,287				7,847				21,781				24,039
Provision (benefit) for income taxes			(2,046	)			(261	)			(13,389	)			1,201
Depreciation			22,867				23,804				68,206				76,039
Amortization of intangibles			140				148				435				444
EBITDA		$	24,468			$	29,258			$	54,082			$	101,884

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