Preheat oven to 350 degrees F (175 degrees C). Grease and flour an 8 inch round cake pan.
In a medium bowl, cream the butter and sugar until light and fluffy. Beat in the eggs one at a time. Add the orange extract and mix well.
In a separate bowl, sift together the flour, baking powder and salt. Gradually add the flour mixture to the creamed mixture alternately with the milk, beating well after each addition. Fold in the walnuts.
Pour the batter into the prepared pan. Bake in the preheated oven for 25 to 30 minutes, or until a toothpick inserted into the center of the cake comes out clean.
Meanwhile, in a small bowl, mix together the orange juice, confectioners' sugar and orange extract until smooth. Pour over the hot cake as soon as it comes out of the oven.
Allow cake to cool before serving.
Interesting Facts
Orange-cream cake is a great way to use up leftover oranges.
This cake can be made ahead of time and frozen for up to three months.
The cake can also be served with a dollop of vanilla ice cream.