GE (GE) - Get General Electric Company (GE) Report is slated to report earnings on Friday morning before the market opens, and investors will be looking to see how the company's transition to focus more on areas like industrial, oil & gas and engines has been going.

Led by CEO Jeff Immelt, GE has been selling off businesses over the past few years and focusing on what it deems essential, including its most recently announced acquisition of LM Wind, a wind turbine blade producer.

Credit Suisse analyst Julian Mitchell, who rates GE "outperform" with a $34 price target, viewed the $1.65 billion acquisition favorably, citing GE's continued push for more in-sourcing and vertical integration, a reasonable price and the continued push for its Power/Renewable product offerings, on the back of the Doosan and Alstom acquisitions.

Analysts surveyed by Yahoo! Finance expect GE to earn 32 cents a share on $29.85 billion in revenues.

GE is continuing to transition to focus more on its core businesses. These three ETFs may benefit if investors like GE's third-quarter results.

iShares Edge MSCI Multifactor Industrials ETF

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GE accounts for 12.88% of the $2.6 million iShares Edge MSCI Multifactor Industrials ETF (INDF) , which charges investors a 0.35% expense ratio.

With GE shifting its business to focus so much on the industrial and medical parts of the economy, there's a great risk there, Mitchell wrote.

The analyst cited areas like a "a slower than expected recovery for its Industrial businesses," overpaying for medical deals, unforeseen losses at GE Capital, higher costs in the industrial area, a downturn in thermal power and volatility in the company's costs overall as risks to the $34 price target.

Vanguard Industrials ETF

The Vanguard Industrials ETF (VIS) - Get Vanguard Industrials ETF Report , which has $2.17 billion in assets under management, has GE comprise 11.98% of its portfolio and has an expense ratio of 0.12%.

FIDELITY MSCI INDUSTRIALS INDEX ETF

The $148.9 million FIDELITY MSCI INDUSTRIALS INDEX ETF (FIDU) - Get Fidelity MSCI Industrials Index ETF Report has GE account for 11.96% of its portfolio and charges investors an expense ratio of 0.12%.