function wp_strip_all_tags_breaks($string, $remove_breaks = false) {
    $string = preg_replace( '@<(script|style)[^>]*?>.*?</\\1>@si', '', $string );
    $string = strip_tags($string, '<p>');

    if ( $remove_breaks )
        $string = preg_replace('/[\r\n\t ]+/', ' ', $string);

    return trim( $string );
}

function wp_trim_words_breaks( $text, $num_words = 55, $more = null ) {
    if ( null === $more )
        $more = __( '&hellip;' );
    $original_text = $text;
    $text = wp_strip_all_tags_breaks( $text );
    /* translators: If your word count is based on single characters (East Asian characters),
       enter 'characters'. Otherwise, enter 'words'. Do not translate into your own language. */
    if ( 'characters' == _x( 'words', 'word count: words or characters?' ) && preg_match( '/^utf\-?8$/i', get_option( 'blog_charset' ) ) ) {
        $text = trim( preg_replace( "/[\n\r\t ]+/", ' ', $text ), ' ' );
        preg_match_all( '/./u', $text, $words_array );
        $words_array = array_slice( $words_array[0], 0, $num_words + 1 );
        $sep = '';
    } else {
        $words_array = preg_split( "/[\n\r\t ]+/", $text, $num_words + 1, PREG_SPLIT_NO_EMPTY );
        $sep = ' ';
    }
    if ( count( $words_array ) > $num_words ) {
        array_pop( $words_array );
        $text = implode( $sep, $words_array );
        $text = $text . $more;
    } else {
        $text = implode( $sep, $words_array );
    }
    return apply_filters( 'wp_trim_words', $text, $num_words, $more, $original_text );
}

function wp_trim_excerpt_breaks($text = '') {
    $raw_excerpt = $text;
    if ( '' == $text ) {
        $text = get_the_content('');

        $text = strip_shortcodes( $text );

        $text = apply_filters('the_content', $text);
        $text = str_replace(']]>', ']]&gt;', $text);
        $excerpt_length = apply_filters('excerpt_length', 55);
        $excerpt_more = apply_filters('excerpt_more', ' ' . '[...]');
        $text = wp_trim_words_breaks( $text, $excerpt_length, $excerpt_more );
    }
    return apply_filters('wp_trim_excerpt', $text, $raw_excerpt);
}

remove_filter('get_the_excerpt', 'wp_trim_excerpt');
add_filter('get_the_excerpt', 'wp_trim_excerpt_breaks');