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Preheat oven to 325°F. Coat a 10-inch tube pan or bundt pan with solid vegetable shortening and sugar or cake release spray.
In the bowl of an electric stand mixer, cream butter and sugar until fluffy. Stop the mixer and scrape the sides. Mix to combine.
Add condensed milk and beat, stop the mixer, scrape the sides and bottom, mix until well blended.
Add eggs one at a time beating each one in before adding the next. Stop the mixer and scrape the sides. Add almond extract. Mix to combine.
Combine flour, baking powder, and salt together in a separate bowl. Add one cup at a time to the mixer (on low) and mix until just combined.
Spoon batter into prepared pan.
Bake 325° for 80 to 90 minutes. Carefully insert a long wooden pick into the center of the cake. The cake is done when dry crumbs or no crumbs stick to the pick.
Allow cake to cool on a wire rack for 15 to 20 minutes before inverting on a tray to cool completely.