Preheat oven to 350°.
Combine first 5 ingredients in a large bowl. Beat with a mixer at low speed 30 seconds or until moistened. Scrape sides of bowl; beat at medium speed 2 minutes or until well blended. Pour batter into a 12-cup Bundt pan coated with cooking spray.
Bake at 350° for 40 minutes or until a wooden pick inserted in center comes out clean. Cool in pan 20 minutes on a wire rack; remove from pan. Cool on wire rack.
Combine powdered sugar, almond extract, and water in a medium bowl; stir with a whisk until smooth. Pour glaze over top of cake; sprinkle with almonds.