Customize [...] in WordPress excerpts

custom-readmore-excerpt.php

<?php

//* Customize [...] in WordPress excerpts
add_filter( 'the_excerpt', 'sp_read_more_custom_excerpt' );
function sp_read_more_custom_excerpt( $text ) {
   if ( strpos( $text, '[&hellip;]') ) {
      $excerpt = str_replace( '[&hellip;]', '<p><a class="more-link" href="' . get_permalink() . '">Read More &rarr;</a></p><br>', $text );
   } else {
      $excerpt = $text . '<p><a class="more-link" href="' . get_permalink() . '">Read More &rarr;</a></p>';
   }
   return $excerpt;
}