ABC News projects that Mitt Romney will win the nation's first primary in New Hampshire, marking the first time since 1976 that a Republican candidate has won both the Iowa caucus and the New Hampshire primary.
Based on the exit poll data and ABC News' analysis of the vote in so far, Rep. Ron Paul is projected to be second and Jon Huntsman will place third.
Crowds at Romney's headquarter in New Hampshire erupted in cheers as the results were announced.
"The president has run out of ideas. Now he's running out of excuses," Romney said at his victory speech, as the crowd chanted "Mitt, Mitt, Mitt." "And tonight, we're asking the good people of South Carolina to join the citizens of New Hampshire and make 2012 the year he runs out of time."
The former governor of neighboring Massachusetts spoke off a teleprompter and delivered a new line of attack against the president, speaking more confidently and louder than he ever has on the campaign trail.
In a race in which electability was the top concern for voters, most picked Romney as the GOP candidate most likely to beat President Obama. Underscoring Republican unhappiness with the current administration, exit polls showed that eight in 10 New Hampshire primary voters were either dissatisfied or downright angry with the Obama administration, mainly stemming from economic discontent.
ABC News estimates that the turnout for the New Hampshire Republican primary will be about 25 percent of the voting eligible population, which is up slightly from 2008, when it was 23 percent.
Independents turned out in greater-than-usual numbers in the primaries, a trend that could bode well for Romney in November if he nabs the nomination. Independent voters are expected to play a crucial role in this swing state for both the incumbent president and his challenger.
Exit polls show that concerns about electability, economic discontent and a less conservative but more divided base than in Iowa last week helped shape the New Hampshire primary.
Though experts say the race for the Republican nomination is far from decided, the Granite State has a good track record of picking the party's eventual nominee. The GOP winner in New Hampshire has gone on to be the party's the eventual nominee in four out of the six past contests.
It was clear well ahead of today's primary that Romney would be victorious. But the real contest was for the No. 2 spot. Huntsman's campaign gained momentum in the past week, buying additional television ads and upping media appearances, but a weaker ground game may have hurt him. Fewer than half of Huntsman's voters said they had gotten a call from his campaign, compared to the majorities of Romney and Paul supporters.
The former Utah governor gave no indication tonight that he's dropping out of the race. His campaign told ABC News they are moving "onward with confidence," noting that he was at only seven percent in the polls just last week.
"I'd say third place is a ticket to ride, ladies and gentleman," Huntsman told his supporters tonight. "Hello, South Carolina."
As in Iowa, Paul garnered broad support among young voters and his grassroots network helped fuel momentum for the libertarian-leaning candidate.
"We're nibbling at his heels," Paul said to an excited crowd tonight, referring to Romney. "He had a victory but we have had a victory for the cause of liberty tonight."