"In particular, of the 33 companies monitored, 58 per cent increased their dividend payment relative to the same period last year," Green said. "From our perspective, this reflects the continuation of relatively robust company balance sheets, together with a reluctance of firms to disappoint investors."
With bond yields and interest rates at record lows, dividend-paying stocks are providing much needed income to many investors.
Firms including Mercury NZ (formerly Mighty River Power), Air New Zealand, Spark and Meridian Energy rewarded investors with special dividends.
"Companies are acknowledging that dividends are in high demand, but it's also a reflection of the strength of their businesses and the fact that they've got very manageable debt levels," said Mark Lister, head of private wealth research at Craigs Investment Partners.
"It's just a prudent use of capital."
Lister said it was a solid earnings season, on the whole, with average earnings growth of around 7 per cent.
"Four out of five stocks met expectations or beat them," he said. "It's a pretty good hit rate - certainly better than what we saw in Australia."
Green said reporting season had revealed a "generally less positive tone" to companies' outlook statements.
Around 20 per cent of firms had a broadly positive outlook, he said, while 65 per cent had a mostly neutral tone and 15 per cent a cautionary or negative tone.
"While the majority of companies reiterated earlier earnings guidance and noted a generally supportive domestic backdrop, a number of companies noted still challenging conditions - particularly in the dairy sector."
Air New Zealand reported the best result in its 76-year history, including a 42 per cent jump in net profit to $463 million.
But the national carrier also warned of a sharp drop in underlying earnings in the current financial year as a result of increasing competition.
Stephen Bennie, a partner with fund manager Castle Point, said analysts had reduced their 2017 earnings forecasts for the airline by an average of 29 per cent following the renewed management guidance.
"They really caught analysts out with how much they were being impacted by increased competition and fuel prices rebounding," Bennie said.
He said the New Zealand sharemarket - whose benchmark index, the S&P/NZX 50, has gained 16.9 per cent this year - went into reporting season "priced for perfection" and companies had largely delivered.
"Right now, there are limited catalysts in sight in the near-term for a reversal in New Zealand shares," Bennie said. "But you do have to be concerned about fundamental values."
